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FEC approves N1.9trn to NNPCL to construct 44 roads under tax credit policy
The Federal Executive Council (FEC), presided over by Vice President Yemi Osinbajo, yesterday, approved the proposal for the Nigerian National Petroleum Corporation Limited (NNPCL) to invest N1.9 trillion in the reconstruction of 44 federal roads under the tax credit policy.
Of this amount, N215.3 billion would be spent on South South and South East roads.
Senior Special Assistant to the President on Media and Publicity Office of the Vice President, Laolu Akande,, who briefed journalists after the meeting said FEC 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 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 kilometers in the total sum of N1.9trillion.”
The approval is coming 15 months after the NNPCL 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.
President Buhari had on January 25, 2019, signed the Executive Order 007 which was the instrument that brought about the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme, with the aim to unlocking funding from the private sector to critical road infrastructure in the country.
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The Executive Order 007 was designed to empower private companies to finance construction or refurbishment of federal roads designated as “Eligible Roads” under the scheme and recoup their investments through deduction of the approved total costs expended on the project from their annual Companies Income Tax.
The Road Infrastructure Scheme is a Public-Private Partnership intervention that enables the Federal Government to leverage private sector capital and efficiency for the construction and refurbishment of critical road infrastructure in key economic areas in Nigeria
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. Under the initial programme, the NNPC is currently constructing a total of 1,804.6 kilometres of roads at a total cost of N621,237,143,897.35
A breakdown of the project funding showed that the North-Central geo-political zone, made up of Federal Capital Territory, Benue, Kogi, Kwara, Nasarawa, Niger, and Plateau States, got. the highest chunk of N244.87bn for the construction of 791.1 kilometres of road
The South-South geo-political zone, comprising Akwa-Ibom, Bayelsa, Cross-River, Delta, Edo, and Rivers state, emerged the second highest beneficiary of the NNPCL Road Infrastructure Development and Refurbishment project with N172.02bn for a total of 81.9 kilometres of road.
he South West, made up of Ekiti, Lagos, Osun, Ondo, Ogun, and Oyo States, followed with a total allocation of N81.87bn for the construction of 252.7 kilometres of roads.
The NNPCL allocated N56.12bn to the North-East, comprising Adamawa, Bauchi, Borno, Gombe, Taraba, and Yobe states,the construction of 273.35 kilometres of roads under the scheme.
The South East geo-political zone; the zone is made up of five states, comprising Abia, Anambra, Ebonyi, Enugu,and Imo.states, got N43.28bn allocation for the construction/rehabilitation of 122 kilometres of road.
The NNPC allocated N23.05 billion for the rehabilitation of 283.5 kilometres of road to North West geo-political zone, made up of Kaduna, Katsina, Kano, Kebbi, Sokoto, Jigawa, and Zamfara States. The road projects are being funded by NNPC and the equivalent amount is deducted by the Federal Inland Revenue Service from the National Oil Company’s tax obligations.
Minister of Environment, Mohammed Abdullahi said Council approved the procurement of 31 project vehicles for the hydrocarbon pollution remediation projects in Ogoni land.
He recalled that in December 2022, FEC had approved some projects for Ogoni and remediation of some polluted site.
“In view of the fact that we are going to inspect on a regular basis, experts from outside the country, there’s a need to provide project vehicles so that they can effectively inspect, supervise and monitor the remediation exercise. FEC today approved the sum of N1,354,016,250 in favor of Messers Mujav automobile Nigeria limited to provide 31 number of vehicles for the project. 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. Only 31 vehicles were approved for the hydrocarbon pollution remediation project to ensure effective supervision of the project particularly delimitation sites.“
Sun
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Saudi Crown Prince assures Tinubu of govt support
Saudi Crown Prince assures Tinubu of govt support
The Saudi Crown Prince and Prime Minister of Saudi Arabia, Prince Mohammed bin Salman bin Abdulaziz Al Saud, has assured Nigeria of support in its economic reform programmes.
The assurance came when the Crown Prince and President Bola Ahmed Tinubu met on Monday in Riyadh on the sidelines of the joint Arab-Islamic Summit.
Bayo Onanuga, the Special Adviser to the President on Information & Strategy, disclosed this in a statement on Tuesday.
He said the two leaders explored potential areas for cooperation, particularly oil and gas, agriculture, infrastructure and the constitution of the Saudi-Nigeria Business Council.
Nigeria wants an agreement with the Saudi government over a proposed $5 billion bilateral trade facility between the two countries.
The Saudi Agricultural and Livestock Investment Company, SALIC, invested $1.24 billion in 2022 to acquire a 35.43% stake in Olam Agri, one of Nigeria’s leading agricultural firms.
Talks are being held so that SALIC can have more stake in the company.
The Saudis hoped the investment would make Olam one of the biggest agro-allied businesses in the world.
The Crown Prince commended President Tinubu’s economic reforms, noting similarities to his steps to strengthen Saudi Arabia’s stability and development when he became Prime Minister.
He also assured Nigeria of his support and promised to motivate his team to realise the various areas of partnerships discussed at the meeting.
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At the meeting with the Crown Prince were the Saudi Minister of National Guard, Prince Abdullah bin Bandar bin Abdulaziz, the Minister of Defense, Prince Khalid bin Salman bin Abdulaziz, and several senior officials.
Meanwhile, the Joint Arab-Islamic Summit has renewed the mandate of Nigeria and other member states on the Ministerial Committee assigned to engage with global leaders in seeking an end to the ongoing war in Gaza and Lebanon.
This decision was part of the resolution issued after the extraordinary Joint Arab-Islamic Summit, which took place in Riyadh, Saudi Arabia, on November 11, 2024.
President Bola Tinubu and other leaders from the Organisation of Islamic Cooperation, OIC, and the League of Arab States were in attendance.
The Joint Arab-Islamic Ministerial Committee, led by the Kingdom of Saudi Arabia, was formed by a resolution at the First Joint Arab-Islamic Summit in Riyadh on November 11, 2023.
The group includes the foreign ministers of Nigeria, Egypt, Qatar, Turkey, Indonesia, Palestine, and Jordan.
In its final resolution, the summit urged the Ministerial Committee to “intensify its efforts and expand them to include working on ending the aggression on Lebanon.”
The committee will submit periodic reports, which the secretariats of the OIC and the League of Arab States will circulate to member states.
The Committee has also been tasked with further engaging actors across the Global South in the efforts to strengthen international support towards ending the war and Israeli occupation.
The resolution stressed the importance of protecting sea lanes by rules of international law and welcomed the signing of the tripartite mechanism by the League of Arab States, OIC, and the African Union to support the Palestinian cause.
The summit praised the African Union’s steadfast support of Palestine.
The leaders condemned recent Israeli military actions in northern Gaza, describing them as “crimes of genocide,” including allegations of torture, executions, disappearances, and “ethnic cleansing.”
They also criticised ongoing efforts to solidify Israel’s presence in occupied East Jerusalem, reaffirming it as the “eternal capital” of Palestine and calling for the unification of the West Bank, Gaza Strip, and East Jerusalem under a sovereign Palestinian state.
The resolution reiterated “the full sovereignty of the State of Palestine over occupied East [Jerusalem], the eternal capital of Palestine”. It rejected any Israeli actions aimed at altering the city’s identity or consolidating its occupation.
The summit also expressed unwavering support for Lebanon’s security, stability, sovereignty, and the safety of its citizens.
Saudi Crown Prince assures Tinubu of govt support
News
Two Nigerian companies developed contactless passport renewal – FG
Two Nigerian companies developed contactless passport renewal – FG
The Federal Government has revealed that the contactless passport renewal solution, which went live in Canada on November 1, 2024, was developed by two Nigerian software companies.
The disclosure was made by Olubunmi Tunji-Ojo, the Minister of Interior, during the Politics Today programme on Channels Television on Tuesday.
Tunji-Ojo explained that the Federal Government deliberately chose to trust indigenous technology for the project.
“The solution is completely indigenous. We did not go to look for foreign technology. We got Nigerian technology – the two companies/vendors that came together to develop the solution are Nigerian software companies,” he said.
The minister expressed confidence in the solution, citing his over two decades of experience as an IT cybersecurity expert and his extensive history as a project manager on numerous occasions.
He did not, however, mention the names of the companies, and at this time, they are not yet publicly known.
The Interior Minister emphasized that the contactless passport renewal solution is designed to alleviate the challenges faced by Nigerians in the diaspora, such as long travel distances, accommodation costs, and taking time off work to renew passports.
He shared specific examples of Nigerians in Canada and London who had to cancel lectures or miss work to complete their passport renewal process.
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While acknowledging that the new solution has encountered some initial hitches, Tunji-Ojo reassured Nigerians that these issues would be addressed.
Tunji-Ojo also clarified that delays in passport issuance, such as those reported by some Nigerians in Canada who experienced waiting times of up to 42 days after using the contactless passport renewal process, are not linked to the system itself.
- Instead, he attributed the delays to the limited processing capacity of Nigerian embassies. For instance, he said that the UK embassy, which has received over 48,000 passport renewal applications (note: the contactless renewal system is not yet available in the UK and is currently exclusive to Canada), can only process 300 applications per day, leading to significant backlogs.
- The Interior Minister explained that the contactless system leverages biometric databases, facial recognition, and live authentication checks, enabling applicants to renew their passports via a mobile app without visiting the Nigerian Immigration Service (NIS) office.
- However, the system applies only to Nigerians aged 18 and above with existing biometric records, as first-time applicants must still visit the NIS office for interviews and biometric capture.
- The Federal Government plans to expand the contactless passport renewal solution to other countries in the coming weeks.
Additionally, a centralized personalization center is being established in Abuja, equipped with advanced machines capable of printing up to 32,000 passports daily, to improve the efficiency of passport issuance.
Two Nigerian companies developed contactless passport renewal – FG
News
New Edo Gov Okpebholo takes oath of office, Shettima, others present
New Edo Gov Okpebholo takes oath of office, Shettima, others present
Vice President Kashim Shettima on Tuesday led the Federal Government delegation to the inauguration of Monday Okpebholo as a brand new governor of Edo State.
Other dignitaries at the event are Abdulrahman Abdulrazaq, chair of the governors forum; and Philip Shaibu, the reinstated deputy governor of Edo.
Many sitting state governors across the country elected on the platform of the All Progressives Congress (APC) that also graced the ceremony are Babajide Sanwo-Olu of Lagos, Dapo Abiodun of Ogun, Hope Uzodinma of Imo, and Ahmad Aliyu of Sokoto, among others.
The National Chairman of the APC, Dr Abdullahi Ganduje, and his predecessor, Senator Adams Oshiomhole, were also at the ceremony, held inside the Samuel Ogbemudia Stadium in Benin.
Okpebholo took his oath of office at about 1pm on Tuesday.
Dennis Idahosa was also sworn in as Edo deputy governor.
The new governor rode in an open-top van round the stadium while acknowledging cheers from supporters.
As candidate of the All Progressives Congress (APC), Okpebholo won the September 21 off-cycle governorship election in the state.
He polled 291,667 votes to defeat Asue Ighodalo of the Peoples Democratic Party (PDP) who came second with 247,274 votes.
Olumide Akpata, candidate of the Labour Party (LP), came third with 22,763 votes.
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