Finance
NNPC to Spend N1 Trillion on Road Projects Across Nigeria
NNPC release a sum of N621 billion to revamp selected roads across Nigeria through the Federal Government road infrastructure tax credit scheme.
The Nigerian National Petroleum Company (NNPC) Limited stated that it has provided an additional N1 trillion to fund road projects across Nigeria.
This was disclosed by NNPC Chief Executive Officer, Mele Kyari in Lagos yesterday.
Investors King learnt that this new development is coming after NNPC release a sum of N621 billion to revamp selected roads across Nigeria through the Federal Government road infrastructure tax credit scheme.
It could be recalled that President Buhari had signed Executive Order 007 which allows companies and corporations to embark on public infrastructure projects as a Tax Credit against Future Income Tax.
Speaking during a tour of roads in the North-central and South-west, along with the Chief Executive of the Federal Inland Revenue Service (FIRS), Muhammad Nami, and other top government officials from the ministry of works, Kyari noted that NNPC intervention will help to better the road network across the country.
The NNPC boss 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. NNPC is taking another set of over N1tn of investments in road infrastructure in the country”.
Some of the roads visited by Kyari include the reconstruction of Bida-Lambata road in the state, with a length 124.81km, and the Lagos-Badagry expressway along the Agbara junction and Nigeria/Benin border.
In addition, it is important to note that roads embarked upon by NNPC are roads that will directly or indirectly sustain a smooth supply and distribution of petroleum products across the country.
Kyari noted that the project to tax initiative is a good policy that could help to accelerate road construction in Nigeria.
“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 a massive change to the entire road network in this country and this is why NNPC is your company and working for all of us,” he said.