The federal executive council (FEC) has approved N621.2 billion for the Nigerian National Petroleum Corporation, (NNPC) to take over the reconstruction of 21 federal roads across the six geopolitical zones of the country.
Babatunde Fashola, minister of works and housing, disclosed after the FEC meeting presided by Vice-President Yemi Osinbajo on Wednesday.
The National Union of Petroleum and Natural Gas Workers (NUPENG) had decried the loss of its members and properties to dilapidated roads — but NNPC appealed to the union to shelve the planned strike and accepted to rebuild some roads.
The approval, according to Fashola, was in line with Executive Order No. 007 of 2019 cited as the companies income tax (Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme) Order, 2019 (“EO7 of 2019” or “the Scheme”), signed by President Muhammadu Buhari.
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He explained that the selected 21 roads are 1804.6 kilometres, and it was a strategic intervention under the Federal Government Road Infrastructure and Refreshment Tax Credit Scheme.
The minister further explained that Executive Order 7 allows the private sector to deploy in advance the taxes they would pay for infrastructure development.
He said nine of the selected projects are in North Central, three in North East, two in North West, two in South East, three in South-South, and two in South West.
FULL LIST:
NORTH CENTRAL:
NORTHEAST:
NORTHWEST:
SOUTH EAST:
SOUTH SOUTH:
SOUTH WEST:
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