FG’s tax credit policy: NNPCL gets FEC’s nod to invest N1.9trn to reconstruct 44 roads

The Federal Executive Council chaired by Vice-President Yemi Osinbajo (SAN) on Wednesday approved the reconstruction of 44 federal roads across the country by the Nigerian National Petroleum Company Ltd under the government’s tax credit policy.

The roads spanning about 4,554 kilometers will cost NNPC N1.9 trillion.

Briefing State House correspondents on behalf of Works Minister Babatunde Fashola (SAN), the Senior Special Assistant to the President on Media and Publicity, Office of the Vice-President, Laolu Akande, said the NNPC’s intervention is in line with President Muhammadu Buhari administration’s infrastructure revolution.

Akande said FEC also approved a 25-year concession for nine road corridors under the pilot phase of the Highway Development and Management Initiative.

According to him, this followed the issuance of requisite Full Business Case (FBC) Compliance Certificates by Infrastructure Concession Regulatory Commission (ICRCN).

“The roads that will be under this first phase are the Benin-Asaba corridor, Lagos-Ota-Abeokuta, Lagos-Badagry-Seme, Abuja-Lokoja-Onitsha-Owerri-Aba and Sagamu-to Benin.

Others are Kano-Maiduguri, Enugu-Port Harcourt, and Abuja-Keffi-Akwanga-Lafia-Makurdi.

The Works Ministry also got FEC’s approval for the augmentation of contract for the rehabilitation of the Osogbo-Ilesha road Phase one, Ilesha-Osogbo in Osun State, the Vice-President’s spokesman said.

The projects will be executed by Messers Orizon Construction Company in the sum of N1.2 billion, thereby revising the subsisting contract sum from N3 billion to N4 billion, representing an increase of 33% of the original sum.

Also at the media briefing, the Minister of Environment, Mr Mohammed Abdullahi, said FEC also approved the purchase of 31 project vehicles for the hydrocarbon pollution remediation projects in Ogoni land in Rivers State.

“Recall that last year in December, the Federal Executive Council approved some projects for Ogoni people and remediation of some polluted site.

“So in view of this development, and because of the desire to ensure effective supervision of this project, particularly the five water schemes and the 16 upcoming water schemes and the propose shoreline remediation, and the also the proposed centres of excellence to be built within Ogoni land.

“These include one 18-seater Toyota Hiece bus, one 30-seater Toyota coaster bus, they’re all supposed to be 2022 models. Then 11 Toyota Hilux double cabin four will drive also to 2022 model, diesel engine. Then 15 numbers Toyota Hilux double cabin four wheel drives, diesel and petrol engine also 2022 models. Then one Toyota Landcruiser twin turbo 2022 model and lastly two unit of Land Cruiser V6 Prada for the projects,” the minister said.