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In recent times, increasing attention of academic and political discussion is directed at issues of time and cost. The incidence of time and cost overruns have always been found to have their attendant cost consequences on construction projects and this has made the problem of time and cost overruns of international concern. Using survey and historical design approaches, this study therefore examines time and cost models for road projects in Nigeria. The purpose of this research was to develop construction model for predicting time and cost performance of road projects in Ondo and Ekiti states. The study adopted purposive/judgemental sampling technique. A total of 131 completed set of questionnaire were retrieved from the construction practitioners out of 188 administered, while archival data on completed road projects executed between 2003 and 2013 were also sourced. Percentile and regression correlation were used to assess cost and time performance of road projects. The results revealed that the average rate of cost overrun of road projects in Ondo state is 2.53% while that of Ekiti state is 1.79%; also time overruns is experienced at the average rate of 26.32% and 19.92% for Ondo and Ekiti states respectively. Keywords: Ekiti state, Ondo state, Road construction projects in Nigeria, Time and cost model