Nigeria Stops NNPC Tax Credit Road Funding Amid Completion Order

Nigeria’s Minister of Works, Dave Umahi, has announced that the Nigerian National Petroleum Company Limited (NNPCL) has ceased funding its tax credit road projects nationwide. This development was disclosed during a project inspection in Port Harcourt, Rivers State, on Tuesday.

Umahi noted that despite the cessation of funding by NNPCL, President Bola Ahmed Tinubu has directed the ministry to complete all inherited projects from the NNPCL tax credit scheme. The minister made this statement while inspecting the ongoing dualisation of the East-West Road, specifically Section IIIA, which spans from Eleme Junction in Port Harcourt to Onne Junction in Rivers State.

According to Umahi, contracts valued at less than N20 billion for Federal Government-funded projects will be awarded to local contractors, aligning with Nigeria’s local content policy. The federal government intends to prioritize significant aspects of the NNPCL tax credit projects across the country, with a focus on critical projects within the national economic corridor.

Umahi explained that the Ministry of Works has compiled a list of all NNPCL-inherited tax credit projects and presented them to President Tinubu, who has instructed that work on these projects should not be halted. Instead, the ministry will prioritize these projects, concentrating on the most critical ones that impact the national economy.

The decision to prioritize these projects underscores the government’s commitment to completing strategic infrastructure initiatives, despite funding challenges. By focusing on critical projects within the national economic corridor, the government aims to ensure that essential infrastructure development continues, supporting the country’s economic growth and development.

As the ministry moves forward with completing the inherited tax credit projects, it will be crucial to monitor progress and address any challenges that arise. The successful completion of these projects will not only enhance Nigeria’s infrastructure but also contribute to the country’s overall economic development. With the government’s renewed commitment to these projects, stakeholders and citizens alike will be watching closely to see how these initiatives unfold.