The Nigerian National Petroleum Company Ltd, NNPC is set to release additional funding of over N1trn for critical road projects in the country months after it decided to fund the rehabilitation of selected federal roads in Nigeria.
The Group Chief Executive Officer of the NNPC Ltd, Mallam Mele Kyari revealed this on Thursday in Lagos during a tour of the on-going work being done at the Agbara-Badagry road project.
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He visited the project sites with members of the NNPC Board, officials from the Federal Inland Revenue Service led by the Executive Chairman Muhammad Nami, and top officials in the Ministry of Works as well as other critical stakeholders.
Kyari said the additional N1trn being planned to be spent by the NNPC, will be done through the Federal Government road infrastructure tax credit scheme.
The disclosure by the NNPC Boss is coming about 14 months after the National Oil Company expressed interest to invest in the reconstruction of selected federal roads in order to sustain a smooth supply and distribution of petroleum products across the country.
The road construction project is being executed under the tax credit scheme being funded by the NNPC through the Federal Inland Revenue Service in accordance with President Muhammadu Buhari’s executive order 007.
Under the initial programme, the NNPC is constructing a total of 1,804.6 kilometres of roads at a total cost of N621,237,143,897.35.
Speaking during an interview with journalists at the sidelines of the tour, Kyari said the NNPC understands the importance of road infrastructure to the development of the Nigerian economy, adding that this was why massive investments is being made
in that area for the benefit of Nigerians.
He hailed President Muhammadu Buhari’s tax credit program as a game changer in the Federal Government’s desire to scale up infrastructure projects in the country, stressing that the NNPC will continue to assist any government effort targeted at growing the Nigerian economy.
Kyari expressed satisfaction with the progress of work completed so far at the project sites visited, saying that the NNPC had done its bit by providing the funds required for their execution.