The expressway had earlier been concessioned to Bi-Courtney Highway Services.
However, years after the concessioning, work has not started on the road, which daily claims lives through auto crashes and robberies.
The situation led to the call by stakeholders, including Ogun State Governor Ibikunle Amosun, and other South-West governors to call for the revocation of the concession agreement.
Speaking with State House correspondents on Thursday after making a presentation to President Goodluck Jonathan on the budget performance of his ministry, Minister of Works, Mr. Mike Onolememen, said government would take a decision on the road because of its importance to the economy.
He said, “The Lagos Ibadan Expressway is very topical. A meeting was held on Tuesday with the President on the issue. We are also engaging the concessionaire, Bi-Courtney.
“There has been a series of meeting; the meetings will end next week. Once that meeting is held, a decision will be taken and the way forward will be known to Nigeria.
“What is important is that the Federal Government is committed to delivering that road and is also committed to doing so quickly.”
Onolememen said the ministry had so far received N44bn from its allocation under the 2012 budget.
Out of the money released, the minister said 93 per cent performance had been recorded.
He said about N38bn was released to the Highways Department while about N37bn had been expended on projects and programmes.
That, he explained, represented about 96 per cent performance under the Highway Department.
He said he told the President that 12 roads projects had been completed and 156 were ongoing.
He also said the government was serious about fixing the Apapa-Oshodi Expressway.
Onolememen said, “But beyond that, we have also identified a number of roads we believe we will drive to quick completion in the 2013 budget.
“And some these roads you are well aware but specifically we talked about the Apapa-Oshodi Express way, the section where we have ongoing work now, we talked about all the roads linking to the refineries and NNPC Depot specifically the Eleme Port Harcourt Refinery road, Ejigbo NNPC Depot road, the Mosimi Depot in Ikorudu area of Lagos State.”