President Muhammadu Buhari’s administration has approved N1.535 trillion for the construction and rehabilitation of eleven major roads across Nigeria.
This decision was made under the Nigerian National Petroleum Company Limited (NNPCL) Tax Credit Scheme, just forty days before the end of their tenure.
The Minister of Works and Housing, Babatunde Fashola, explained that the money would be used to construct and rehabilitate over 700km of roads, which would link 11 states in the country.
These states include Edo, Delta, Kano, Kaduna, Borno, Adamawa, and others.
This project comes under phase II of the NNPC tax credit scheme, which was established to attract private sector investment in infrastructure development in Nigeria.
Earlier this year, the council approved a memo for the NNPC to invest N1.9 trillion on 44 roads, and the approval for the remaining 11 roads came through the procurement process.
Fashola stated that the project would soon be completed, and it would bring immense benefits to the country.
These benefits include improved access to markets and social services, faster transportation of goods and services, and enhanced economic activities.
The NNPC tax credit scheme is part of the government’s efforts to encourage private sector investment in infrastructure development, particularly in areas that are of strategic importance to the country’s economic growth and development.
This scheme allows companies that invest in the development of critical infrastructure to recover the cost of the investment through tax credit, which can be used to offset future tax liabilities.
Article updated 2 months ago. Content is written and modified by multiple authors.
