The Nigerian National Petroleum Company (NNPC) Limited has pledged to provide an additional N1 trillion for road projects across Nigeria under the Federal Government’s road infrastructure and refreshment tax credit scheme.
This was announced on Thursday by the Group Managing Director and Chief Executive Officer of the NNPC, Mele Kyari, during an inspection tour of the ongoing construction exercise on the Agbara-Badagry road project which is part of the 21 critical federal roads. which is over 1,804.6km funded by the state-owned oil company.
Kyari said that N1 trillion will be invested in road projects through the Federal Government road infrastructure tax credit scheme.
NNPC to invest more in road projects
- said Kyari “We are very happy with the condition of this road development. We are very happy with this intervention throughout the country not only in this area. We did 1,800km across the country. We are taking a set of over N1tn investment in road infrastructure in the country.
- “We believe that this tax credit system put in place by Mr. President is the game changer for our country.
- “We believe that in the next 24 months, there will be a lot of change in the entire road network in this country and this is why NNPC is your company and works for all of us.
- “We think this is the best way to intervene and raise our infrastructure. We are adding another set of money, we have not reached the final figures, but I know it is more than N1 trillion.”
For the record
- Recall that in October 2021, the Federal Government approved the reconstruction of the collapsed Lagos-Badagry expressway and 20 other federal roads by the newly incorporated Nigerian National Petroleum Corporation (NNPC) Limited.
- The Minister of Works and Housing, Babatunde Fashola, who made the announcement, said the approval given by the Federal Executive Council (FEC) meeting, will see the NNPC take over the reconstruction of 1,804.6 kilometers of 21 federal roads. roads in critical conditions across the 6 geopolitical zones of the country at a whopping sum of N621.2 billion.
- The reconstruction of these roads is implemented through a strategic intervention under the Federal Government Road Infrastructure and Refreshment Tax Credit Scheme with 9 of the selected projects in the North-central, 3 in the North-east, 2 in the North-west , 2 in the South-east, 3 in the South-south, and 2 in the Southwest.
- The Road Infrastructure Tax Credit Scheme enables companies with a high tax profile to build roads in a negotiated agreement with the federal government to provide infrastructure in lieu of taxes.