The Federal Executive Council (FEC) presided over by Vice President Yemi Osinbajo has approved the proposal for the Nigerian National Petroleum Company Limited (NNPCL) to invest N1.9 trillion towards the reconstruction of 44 federal roads under the tax credit policy.
Of this amount, N215.3 billion would be spent on South-South and South-East roads.
The Senior Special Assistant to the President on Media and Publicity Office of the Vice President, Laolu Akande, who briefed journalists after the FEC meeting on Wednesday, said the Council approved the recommendation to invest in the reconstruction of selected federal roads under the Federal Government Road Infrastructure Development and Refurbishment Investment Tax Credit Policy Phase 2 by the NNPCL and its subsidiaries.
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“So, the council approved the proposal by the Ministry of Works and Housing for the reconstruction of 44 proposed federal roads with a total length of 4,554 kilometers in the total sum of N1.9 trillion,” he said.
The approval is coming 15 months after the NNPCL expressed interest in investing in the reconstruction of selected federal roads in order to sustain a smooth supply and distribution of petroleum products across the country.