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FEC Approves NNPC Ltd To Invest Trillions Of Naira In Federal Roads

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The Federal Executive Council (FEC) at its meeting presided over by the Vice President, Prof. Yemi Osinbajo on 18th January 2023, at the Presidential Villa, Abuja approved the recommendation for the Nigerian National Petroleum Corporation Limited (NNPC LTD.) to invest one trillion nine hundred million naira in the construction of forty-four (44) federal roads under the tax credit policy. This was disclosed by the spokesman of the V.P Laolu Akande, during a brief at the State House correspondent on behalf of the Minister of Works and Housing.

“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 2 by the Nigerian National Petroleum Corporation (NNPC) Limited and its subsidiaries.

“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 N1.9 trillion.”

Akande stated that the council also approved the concession of nine (9) roads spread over the nation.

“In another memo, the Minister for Works and Housing also got the approval of the council for concessionaires for nine road corridors under the pilot phase of the value-added section of the Highways Development and Management Initiative following the issuance of the requisite full business case compliance certificate by the Infrastructure Concession Regulatory Commission for a period of 25 years for each road corridor as follows.

“The roads that will be under this first phase are the Benin-Asaba corridor, Abuja-Lokoja-Onitsha-Owerri-Aba, Shagamu-Benin, Abuja-Keffi-Akwanga-Makurdi, Kano-Maiduguri, Enugu-Port Harcourt, Lagos-Ota-Abeokuta and Lagos-Badagry-Seme.’’

More so, Akande said that the Minister for Works and Housing got the council’s approval for the augmentation of the contract for the rehabilitation of the Oshogbo-Ilesha road phase 1 in Osun State in the sum of N1.2 billion.

“The approval thereby revises the subsisting contract sum from N3 billion to N4 billion representing an increase of 33 percent of the original sum,’’ he said. (NAN)