President Muhammadu Buhari has approved a Nigerian National Petroleum Corporation Limited, NNPCL, request to invest N1.9 trillion in the reconstruction of 44 federal roads under the tax credit policy.
His approval came during the Federal Executive Council, FEC, meeting presided over by the Vice President, Prof. Yemi Osinbajo, at the Presidential Villa, Abuja.
Osinbajo’s spokesperson, Laolu Akande, briefing State House correspondents on the development, spoke 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.
Under the initial deal, the NNPC is currently constructing 1,804.6km of road, costing N621,237,143,897.35.
A step-by-step regional analysis of the project funding showed that the North Central geopolitical zone received the biggest share of N244.87bn for constructing 791.1km of roads.
The South South geopolitical zone is the second highest beneficiary of the NNPC Road Infrastructure Development and Refurbishment project with the sum of N172 billion earmarked for 81.9km of roads.
The South West followed with a total allocation of N81.9 billion to construct 252.7km of roads.
The North East got an allocation of N56.12bn to construct 273.35km of roads under the scheme, while the South East was apportioned N43.28bn for the construction/rehabilitation of 122km of roads.
Further breakdown of the NNPC schedule showed that the North West was allocated N23.05bn for rehabilitating 283.5km of roads.
