The Nigerian National Petroleum Company Limited is to provide additional N1tn for road projects in Nigeria, NNPC Group Chief Executive, Mele Kyari, announced in Lagos on Thursday.
Kyari, in a video clip seen in Abuja,
disclosed this during a tour of the construction exercise ongoing at the
Agbara-Badagry road project.
He said the N1tn would be invested on road
projects through the Federal Government road infrastructure tax credit scheme.
The NNPC boss said, “We are very happy
about the state of this road development. We are very happy with this
intervention across the country not just in this place. We are doing 1,800km
across the country. We are taking another set of over N1tn of investments in
road infrastructure in the country.
“We believe that this tax credit system
which Mr. President has put in place is the game changer for our country.
“We believe that in the next 24 months,
there will be massive change to the entire road network in this country and
this is why the NNPC is your company and 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 N1tn.”
Around the third quarter of 2021, the NNPC
announced its intention to provide funds for the reconstruction of selected
road projects in order to ease the movement of petroleum products.
This was executed under the tax credit
scheme that was funded by the NNPC through the Federal Inland Revenue Service
in accordance with the President’s executive order 007.
The construction exercise was under the
management of the Federal Ministry of Works and Housing, as the NNPC provided
funds for the construction of 1,804.6km of roads at a cost of N621,24bn.