NNPC Road Tax Scheme: FEC Approves Additional N1.9trn to Reconstruct 44 Roads •National oil company’s intervention hits N2.52trn •FG to procure 31 vehicles worth N1.35bn for Ogoni project monitoring •Okays poli
•FG to procure 31 vehicles worth N1.35bn for Ogoni project monitoringThe Federal Executive Council , at its first meeting in 2023 yesterday, approved the proposal by the Federal Ministry of Works and Housing for the Nigerian National Petroleum Company Limited and its subsidiaries to invest N1.9 trillion for the reconstruction of 44 selected federal roads across the country.
The government approved the recommendation by NNPC to invest in the reconstruction of selected federal roads under the Federal Government Road Infrastructure Development and Refurbishment Investment Tax Credit Policy, phase two. Speaking on the N1.9 trillion approved to be expended on 44 federal roads by NNPC Limited, media assistant to the vice president, Laolu Akande, told newsmen at a post-FEC media briefing that the memo was presented by Minister of Works and Housing, Babatunde Fashola.
“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.” Under the initiative, the private participants of the scheme provide the funds for the construction or refurbishment projects and, in exchange, the participants are entitled to recoup the funds provided as a credit against the Companies Income Tax they are expected to repay.
South-south geo-political zone emerged the second highest beneficiary of the NNPC Road Infrastructure Development and Refurbishment project with the sum of N172.02 billion for a total of 81.9 kilometres of road. The zone is made up of Akwa-Ibom, Bayelsa, Cross-River, Delta, Edo, and Rivers states. A further breakdown of the NNPC schedule showed that the North-west geo-political zone, which is made up of Kaduna, Katsina, Kano, Kebbi, Sokoto, Jigawa, and Zamfara got the least allocation. The zone was allocated the sum of N23.05 billion for the rehabilitation of 283.5 kilometres of road.
Currently, engagements are ongoing with unions and other stakeholders to ensure smooth delivery of projects according to standards and specifications. The N15 billion represents a 100 per cent payment of the funding of the Lagos-Badagry road rehabilitation under the tax credit funding of NNPC Limited. Kyari said NNPC will continue to commit massive investments in critical projects in the country for the benefit of Nigerians.
“We are doing 1,800 kilometres across the country. We believe that this tax credit system, which Mr. President has put in place, is the game changer for our country. Abdullahi stated, “In view of this development and because of the desire to ensure effective supervision of these projects, particularly the five water schemes and the 16 upcoming water schemes and the proposed shoreline remediation, and also the proposed centres of excellences to be built within Ogoni land and in view of the fact that we are going to inspect on a regular basis, experts from outside the country, there is a need to provide project vehicles so that they can effectively inspect,...
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