FG Okays N1.9trn For NNPC To Reconstruct 44 Federal Roads
Four months to end of his administration, President Muhammadu Buhari has approved for the Nigerian National Petroleum Corporation Limited, to invest N1.9 trillion in reconstruction of 44 federal roads under the tax credit policy.
Media Assistant, Media and Publicity (Office of the Vice President), Laolu Akande, who made the disclosure at the end of the weekly Federal Executive Council (FEC) meeting, on Wednesday in Abuja, said the approval fell under the Federal Government Road Infrastructure Development and Refurbishment Investment Tax Credit Policy Phase 2 to be executed by NNPCL and its subsidiaries.
He said: “So, the Council approved the proposal by the Ministry of Works and Housing for the reconstruction of 44 proposed federal roads with a total length of 4,554 kilometres in the total sum of N1.9 trillion.”
The approval is coming 15 months after NNPCL expressed interest in investing in the reconstruction of selected federal roads to sustain smooth supply and distribution of petroleum products across the federation.
President Buhari had, on January 25, 2019, signed the Executive Order 007, which birthed the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme, geared at unlocking funding from the private sector to critical road infrastructure in the country.