The Federal Government of Nigeria has sanctioned the N89.5bn (approximately $608m) Lagos-Ibadan expressway project that will be executed by Messrs Bi-Courtney Consortium under Build-Operate and Transfer agreement.

The consortium will undertake the reconstruction, expansion and modernisation of the expressway as per the international standard, The Nation website reported.

The expressway will be fully funded by the Bi-Courtney Consortium, and the government is expected to earn N100m annually, of which 5% will be from toll charges.