-2.1 C
New York City
Tuesday, March 21, 2023
Home NEWS Nigeria NNPC to SpendN1.9trn in 44 Federal Roads Reconstruction

NNPC to SpendN1.9trn in 44 Federal Roads Reconstruction

Nigeria’s Federal Executive Council (FEC) has approved the recommendation for the Nigerian National Petroleum Corporation Limited (NNPC LTD.) to invest 1.9 trillion in the reconstruction of 44 federal roads under the tax credit policy.

The council gave the approval recently at its meeting presided over by Vice President Yemi Osinbajo at the Presidential Villa, Abuja.

Osinbajo’s spokesman, Laolu Akande, briefed State House correspondents 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 said the council also approved the concession of nine federal roads.

He said that roads were spread across the country.

“In another memo, the Minister for Works and Housing also got 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 augmentation of contract for 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 per cent of the original sum,” he said.

©Copyright MOTORING WORLD INTERNATIONAL. All rights reserved. Materials, photographs, illustrations and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior written permission from Motoring World International

Contactinfo@motoringworldng.com

 

Most Popular

Abuja, Nigeria Unveils Self-Service Vehicle Registration Portal

The FCT Directorate of Road Traffic Services (DRTS), on Thursday in Abuja unveiled Self-Service Vehicle Registration Portal for a seamless registration of vehicles in...

Russia Moves to Take Over Toyota Plant

Japanese carmaker Toyota’s St Petersburg plant may be transferred to the Russian state entity NAMI, Russian Industry and Trade Minister Denis Manturov said on...

Volkswagen Opens New Vehicle Assembly Plant in Ghana

Volkswagen is reaffirming its commitment to the development of the automotive industry in Ghana with the opening of a new vehicle assembly facility in...

Toyota Withdraws Corolla H2 Concept from Race, Following Fire Occurrence

T oyota Motor Corporation has withdrawn its GR Corolla H2 Concept (hydrogen-powered Corolla) from the upcoming ENEOS Super Taikyu, a Japanese racing series. Powered by Hankook...
%d bloggers like this: