The Fiscal Responsibility Commission (FRC), on Wednesday, expressed dissatisfaction with the level work so far done at the $1.5 billion 2X 60 MVA substation in Ede, Osun.
Sule Unekwu, Head of Accounts and South-West Team Leader Monitoring and Evaluation, FRC, expressed the dissatisfaction after the team’s verification of the Federal Government’s project in Ede.
“The substation power project, which is critical to the Federal Government, was awarded in March 2011 to Cobra Venture Infrastructure and SIBGA JV Limited at the cost of $1.5 billion.
“The contractor came on site in 2014 while the project has been funded with about 50 per cent of the budgeted estimate, but only 28 per cent of the work has been accomplished. This is unacceptable.
“What the contractor had been given is…