Assessment of Cost and Time Performance of Tertiary Educational Trust Fund (TETFund) Construction Project in South-West Nigeria

Abstract

Funds have been allocated to TETFund annually for infrastructural development in Nigeria to address decays of educational facilities and create an enabling environment for teaching and learning. This study evaluates time and cost performance of public building construction projects funded by TETFund in South-West Nigeria. The study adopted questionnaire survey by self-administering two hundred and fifty (250) questionnaires to project clients, consultants and contractors engaged in TETFund projects in South-West Nigeria. One hundred and eighty-six 186 (74.4%) of the questionnaires were retrieved from the respondents and were used in the study. Also, record of project cost and duration were purposively obtained from two hundred and fifty-four (254) TETFund sponsored projects from Institutions in South-West Nigeria. Mean Score (MS) was used to rank the various items and components while regression analysis was used to forecast future project cost and time. The top three factors that influence cost and time based on the perceptions of the respondents are client satisfaction with the project (MS= 3.86), construction time predictability (MS= 3.85) and construction cost predictability (MS= 3.83). From the TETFund project records analysed, a total sum of ₦10,856,167,497.14 was spent on TETFund building construction projects in South-West Nigeria from 2003-2013 with a contingency sum of ₦163,248,265.44. The average percentage cost overrun for TETFund projects was 1.62% and that of time overrun was 112.23%. Regression analysis of the predicted project time and cost was significant and can be used to forecast time and cost of future TETFund projects. Therefore, it was recommended that accurate cost estimate, adequate project planning and good specification should be carried out by project stakeholders before contracts are awarded to enhance construction project performance. Also, the developed regression model of estimated project cost and time can be used to predict cost and time of future construction projects.