Under the tax credit policy, President Muhammadu Buhari has approved a request from the Nigerian National Petroleum Corporation Limited, NNPCL, to invest N1.9 trillion in the reconstruction of 44 federal roads.
His approval came during a meeting of the Federal Executive Council, FEC, presided over by Vice President Yemi Osinbajo at the Presidential Villa in Abuja.
Laolu Akande, Osinbajo’s spokesperson, briefed State House correspondents on the development on behalf of the Minister of Works and Housing, Babatunde Fashola.
“The council approved the Ministry of Works and Housing proposal for the reconstruction of 44 proposed federal government roads with a total length of 4,554km with a total sum of N1.9tn,” Akande said.
The NNPC is currently constructing 1,804.6km of road under the initial agreement at a cost of N621,237,143,897.35.
A step-by-step regional analysis of project funding revealed that the North Central geopolitical zone received the largest share of N244.87 billion for the construction of 791.1 kilometers of roads.
With N172 billion earmarked for 81.9km of roads, the South South geopolitical zone is the second largest beneficiary of the NNPC Road Infrastructure Development and Refurbishment project.
The South West was next, with a total allocation of N81.9 billion for the construction of 252.7 kilometers of roads.
The North East received N56.12 billion for the construction of 273.35 kilometers of roads under the scheme, while the South East received N43.28 billion for the construction/rehabilitation of 122 kilometers of roads.
The North West was allocated N23.05 billion for road rehabilitation, according to a breakdown of the NNPC schedule.
