The government of the State of Osun, said on Monday, that it will spend N 2.7 billion net of all taxes on the construction of the flyover at Olaiya Intersection.
It has also announced that the Public Procurement Agency has issued approval of “No-Objection/Due Process Certification” for the award of the contract for the construction of the flyover.
The disclosure, which was sequel to a memorandum by the Ministry of Works and Transport to the State Executive Council was made on Monday by the Commissioner for Information and Civic Orientation, Mrs. Funke Egbemode, after the week’s edition of the State Executive Council Meeting.
The total sum, presented as Three Billion, One Hundred and Eight Million, Three Hundred and Seventy-Nine Thousand, Eight Hundred and Twenty-Nine Naira, Seventy-Six Kobo (N 3,108,379,829.76), comprises the net sum of N 2,688,748,552.74 and a 13.5 percent statutory deductions which include the percentage withholding tax, 7.5 percent Value-Added Tax and 1 percent stamp duty deduction.
The government of the State of Osun had announced its decision to construct a flyover at the Olaiya Intersection, Osogbo, to both address recurring accidents and decongest traffic at the Intersection.
It would also be recalled that the government announced that the Alternative Project Funding Approach (APFA) would be adopted for the funding of the project.