NNPC to inject fresh N1tn into road projects

The Nigerian National Petroleum Company Limited is to provide additional N1tn for road projects in Nigeria, NNPC Group Chief Executive, Mele Kyari, has said.

Kyari, in a video clip seen in Abuja, disclosed this on Thursday during a tour of the ongoing construction work on the Agbara-Badagry road, Lagos.

He said the N1tn would come through the Federal Government road infrastructure tax credit scheme.

He said, “We are very happy about the state of this road development. We are very happy with this intervention across the country not just in this place. We are doing 1,800km across the country. We are taking another set of over N1tn of investments in road infrastructure in the country.

“We believe that this tax credit system which Mr. President has put in place is the game changer for our country.

“We believe that in the next 24 months, there will be massive change to the entire road network in this country and this is why the NNPC is your company and working for all of us.

“We think that it is the best way to intervene and bring up our infrastructure. We are adding another set of cash, we have not reached the final numbers, but I know it is over N1tn.”

According to a Punch report, the NNPC in the third quarter of 2021 announced its intention to provide funds for the reconstruction of selected road projects in order to ease the movement of petroleum products.

This was executed under the tax credit scheme that was funded by the NNPC through the Federal Inland Revenue Service in accordance with the President’s executive order 007.

The construction exercise was under the management of the Federal Ministry of Works and Housing, as the NNPC provided funds for the construction of 1,804.6km of roads at a cost of N621,24bn.