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The Federal Govt Council (FEC) on Wednesday gave the Nigerian National Petroleum Company (NNPC) Restricted the approval to speculate N1.9 trillion on the reconstruction of 44 federal roads.
The council gave the approval at its assembly presided over by Vice President Yemi Osinbajo on the Presidential Villa, Abuja.
The vice chairman’s spokesperson, Laolu Akande, made this disclosure whereas chatting with State Home correspondents on behalf of the Minister of Works and Housing after the assembly.
Mr Akande famous that FEC authorised the advice to spend money on the reconstruction of chosen federal roads underneath the federal authorities’s Highway Infrastructure Growth and Refurbishment Funding Tax Credit score Coverage part 2 by the Nigerian Nationwide Petroleum Company (NNPC) Restricted and its subsidiaries.
“So, the council authorised the proposal by the Ministry of Works and Housing for the reconstruction of 44 proposed federal roads with a complete size of 4,554 kilometres within the whole sum of N1.9 trillion,’’ he stated.
He famous that the council additionally authorised the concession of 9 federal roads, unfold throughout completely different elements of the nation.
In 2019, President Muhammadu Buhari signed govt order No. 7 on the street infrastructure growth and refurbishment funding tax credit score scheme. The scheme permits the federal authorities to leverage private-sector capital and effectivity for the development, refurbishment and upkeep of essential street infrastructure in key financial areas within the nation.
On Wednesday, Mr Akande stated following the issuance of requisite Full Enterprise Case (FBC) compliance certificates by the Infrastructure Concession Regulatory Fee (ICRCN), FEC additionally authorised a 25-year concessions for 9 street corridors underneath the pilot part of the freeway growth and administration initiative.
“The roads that might be underneath this primary part are the Benin-Asaba hall, Abuja-Lokoja-Onitsha-Owerri-Aba-Shagamu-to Benin, Abuja-Keffi-Akwanga-Lafia-Makurdi, Kano-Maiduguri, Enugu-Port Harcourt, Lagos-Ota-Abeokuta, and Lagos-Badagry-Seme,” he stated.
Mr Akande added that the works and housing ministry additionally received the council’s approval for the augmentation of contract for the rehabilitation of the Oshogbo-Ilesha street, part one, in Ilesha-Oshogbo, Osun state.
The contract was awarded to Messers Orizon building firm within the sum of N1.2 billion, he defined, including that the subsisting contract sum was revised from N3 billion to N4 billion, representing a rise of 33 % from the unique sum.
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