N123.8 billion contracts fund has been approved by the Federal Government Council (FEC) on Wednesday for the reconstruction of five key economic major roads across the country.

CEOAFRICA news correspondence gathered this from the disclosure of Mike Onolememen, Minister of works, after the council meeting presided over by President Goodluck Jonathan at the State House, Abuja.

According to the minister, FEC approved the award of the contract for the completion of the reconstruction of Apapa-Oshodi expressway section 2; phase II, in favour of Messrs Julius Berger Plc in the sum of N14.989 billion with completion period of 15 months.

“The council also approved the contract for the rehabilitation of Mokwa to Bida road in Niger State and Akure to Ilesha road in Ondo and Osun States under the Federal Roads Development Project”, he added.

He further stated that Mokwa to Bida road was awarded in favour of Messrs Triacta Nig. Ltd in the sum of N10.905 billion with a completion period of 24 months.

The Akure to Ilesha road, he said, was awarded in favour of Messrs Kopek Construction Ltd. in the sum of N7.339 billion with a completion period of 21 months.

“The rehabilitation of the roads will improve road safety and reduce travelling time, vehicle operating cost and road users’ cost, as well as boost trade and economic activities along the routes, thereby contributing to the poverty reduction and employment generation”, he purported.

Other approved contracts indicated by the minister is the reconstruction of Enugu-Port Harcourt dual carriage way sections I and II.

He pointed out that section 1 which is Lokpanta-Umuahia Tower was awarded in favour of Messrs Setraco Nig. Ltd in the sum of N39.548 billion, while Section II which is from Umuahia Tower - Aba Township Rail/Road Bridge crossing was awarded in favour of Messrs Arab Contractors Nigeria Ltd in the sum of N50.892 billion, also with completion period of 40 months.

He however rounded off that the rehabilitation of these roads is of immense economic importance to the country and the sub-region.