The President, Major General Muhammadu Buhari (retd.), has given approval to the recommendation for the Nigerian National Petroleum Corporation Limited to invest N1.9tn in the reconstruction of 44 federal roads under the tax credit policy.
He gave the approval during the Federal Executive Council meeting, which was held at the Presidential Villa, Abuja and was presided over by the Vice President, Prof. Yemi Osinbajo.
The Federal Executive Council approved the recommendation to invest in the reconstruction of selected federal roads under the Federal Government Road Infrastructure Development and Refurbishment Investment Tax Credit Policy phase-2, by the NNPC Limited and its subsidiaries. The approval came 15 months after the national oil company expressed interest in investing in the reconstruction of selected federal roads in order to sustain a smooth supply and distribution of petroleum products across the country.
The objective was to unlock funding from the private sector for critical road infrastructure across the country.
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