Oyo State Governor,Seyi Makinde has flagged off the second phase of the street light project tagged Light up Oyo and the reconstruction of the 3km Under G-Stadium-LAUTECH-2nd Gate Road, Ogbomoso
Speaking at the flagg-off ceremony of the project in Ogbomoso, Governor Makinde said the projects are important parts of his administration’s plan to secure the people of Oyo State and expand the economy.
According to him,the second phase of the light up Oyo will cover selected roads across all the geopolitical zones of the state totalling 223.48km
Makinde note that the first phase which was flagged off in Ibadan in September 2019 has reached 87.5 percent completion.
According to him the second phase just like the first phase will also be handled by Messrs Ledco Allied Enterprises at the cost of N28.3 billion and will be financed through Contractor’s Project Financing Scheme with the Oyo State Govt contributing initial counterpart fund of N2.8B.
Makinde said that bulbs to be used were energy saving and therefore the cost of maintenance would be low.
“Operation ‘Light up Oyo State’ phase two, will cost N28,360,975,609. The original proposed cost was put at N30 billion, but after it passed through our bureau of public procurement, it was vetted down.
“The contract will be financed through Contractor’s Project Financing Scheme with the Oyo State Government contributing initial counterpart fund of N2,836,097,560.97.
“The areas covered will include selected roads across all the geopolitical zones of Oyo State totaling 223.48 kilometres. We expect that the contract will be completed in nine months.
“Since the contractor will be financing the project with his own funds, we will commence refunds after each 50 kilometres of road has been illuminated.
“So, there is a moratorium of one hundred and twenty (120) days before repayment commences.
“We have entered an agreement with them that payment will span over a period of 84 months, that is seven years,” he explained.
Makinde said the reconstruction of Under G-Stadium-LAUTECH-2nd Gate Road will be executed using direct labour intervention by the Ministry of Public Works, Infrastructure and Transportation.