The Ekiti State Government has approved ₦15.181bn for the reconstruction of the Ifaki–Esure–Ilomu–Eyio–Awo–Igede Ekiti Road.
The Commissioner for Information, Taiwo Olatunbosun, disclosed this in a statement issued on Sunday following the State Executive Council (SEC) meeting held last week.
According to Olatunbosun, the council approved the award of the reconstruction contract to CCECC Nigeria Limited. He said the road project, which links several communities, is aimed at improving transportation infrastructure, easing vehicular movement and boosting socio-economic activities within the corridor.
“At the SEC meeting, there was approval of ₦15.181bn for the reconstruction of the Ifaki–Esure–Ilomu–Eyio–Awo–Igede Ekiti Road,” Olatunbosun said, adding that the decision reflects the commitment of the Governor Biodun Oyebanji administration to infrastructural development across the state.
He stated that 60 per cent of the contract sum would be paid as mobilisation upon submission of an Advance Payment Guarantee or insurance bond, noting that the project is expected to be completed within 24 months.
The commissioner also announced that the SEC approved a ₦500m Cooperative Intervention Fund to strengthen grassroots economic development in the state.
According to him, the fund is designed to boost the capacity, productivity and sustainability of cooperative societies and unions across Ekiti State, in line with the governor’s pledge to support cooperatives as drivers of inclusive economic growth.
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Olatunbosun explained that the state government would provide direct funding of ₦500m, while Omiye Microfinance Bank would serve as the implementing partner. The funds will be made available to cooperatives at a subsidised interest rate of five per cent per annum, with a repayment period of 12 to 24 months.
He said the intervention is expected to expand employment opportunities, support small businesses and informal sector players, diversify the state’s revenue base and strengthen the resilience of cooperative societies.
The commissioner added that the approvals underscore the Oyebanji administration’s drive to empower citizens, promote economic inclusion and support the informal sector, with beneficiaries expected to include traders, farmers, artisans, transport operators and other small-scale business owners.