The federal government has approved the recommendation for the Nigerian National Petroleum Company Limited (NNPC) to invest N1.9 trillion in the reconstruction of 44 federal roads under the tax credit policy.
The approval was given after the Federal Executive Council (FEC) meeting in Abuja, on Wednesday, January 18.
Laolu Akande, the spokesperson of vice-president Yemi Osinbajo, while making this known on Wednesday, said that, “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 two by the Nigerian National Petroleum Corporation Limited (NNPC) and its subsidiaries.”
Akande noted that following the issuance of requisite full business case (FBC) compliance certificates by the Infrastructure Concession Regulatory Commission (ICRCN), FEC also approved a 25-year concessions for nine road corridors under the pilot phase of the highway development and management initiative.
“The roads that will be under this first phase are the Benin-Asaba corridor, Abuja-Lokoja-Onitsha-Owerri-Aba-Shagamu-to Benin, Abuja-Keffi-Akwanga-Lafia-Makurdi, Kano-Maiduguri, Enugu-Port Harcourt, Lagos-Ota-Abeokuta, and Lagos-Badagry-Seme,” Akande said.
The spokesperson also said that the works and housing ministry got the council’s approval for the augmentation of contract for the rehabilitation of the Oshogbo-Ilesha road, phase one, in Ilesha-Oshogbo, Osun state, The Cable reports.
The contract was awarded to Messers Orizon construction company in the sum of N1.2 billion, according to Akande.
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