The proposed M. K. O. Abiola International Airport in Ido-Osun, Osun State, will cost N69 billion under a concession arrangement with an indigenous company, AWOL International, it was learnt yesterday.
The Director of Public Building in Osun State Ministry of Works, Mr Niyi Ogundiran, spoke at a meeting with members of the House of Assembly in Osogbo, the state capital.
Ogundiran said the concession arrangement would last 30 years before the permanent transfer of ownership to the state government.
The director said the contract was first awarded on October 14, 2012, for N 4.5 billion, adding that it was to be completed within eight months by the government and not under concession arrangement then.
He said the contract was later reviewed to cost N11 billion to accommodate more features.
Ogundiran said the state government had spent N3.6 billion on the project before the concession arrangement, adding that the N3.6 billion would be deducted from the N69 billion contract sum.
The Permanent Secretary in the ministry Mr Nurudeen Adeagbo said the concession arrangement would be to the advantage of the state.
He hoped the company would deliver a perfect job.
Deputy Speaker Adegboye Akintunde urged those in charge of the project to ensure its success.
Akintunde said Osun residents wanted to know the outcome of the arrangement.