The Nigerian National Petroleum Company Limited (NNPC) on Thursday said it will fix more federal roads across the country with an additional N1 trillion under the federal government road infrastructure tax credit scheme.
The NNPCL chief executive officer, Mele Kyari, disclosed this during an inspection tour of the ongoing construction of the Bida-Lambata road in Niger State on Thursday.
In 2019, President Muhammad Buhari signed executive order No. 7 on the road infrastructure development and refurbishment investment tax credit scheme. The scheme enables the federal government to leverage private-sector capital and efficiency for the construction, refurbishment and maintenance of critical road infrastructure, in key economic areas in the country.
NNPC said it collaborated with the Federal Ministry of Works and Housing and Federal Inland Revenue Service (FIRS) to fund the reconstruction of 21 roads across the country at N621.24 billion to ease transportation of petroleum products marketers.
Speaking on Thursday, Mr Kyari said about N1 trillion would be invested by the NNPC in the second phase of the road intervention.
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“We must give credit to Mr President for signing federal executive order No 7 which enables NNPC and other institutions that are commercial to utilise their tax obligations to create infrastructure in our country,” he said.
“I would like to thank the chairman of FIRS for allowing us to participate in this process enabling us to invest up to N621 billion at the first space of road intervention across the country in 21 federal roads totalling over 1, 800 kilometres.
“We are taking another set of over N1 trillion investments in the second phase of the road intervention,” Mr Kyari said.
“We believe that through this intervention we bring change to our country, bring infrastructure close to our people and also enable the utilization of tax revenue appropriately in a manner that will benefit every one of us in the country.
“In the next 24 months, there will be a massive change to the entire road network in this country and this is why the NNPC is working for all of us.
“We think that it is the best way to intervene and bring up our infrastructure. We are adding another set of cash, we have not reached the final numbers, but I know it is over N1 trillion,” he said.
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