FG authorizes N169.72bn private sector investments in roads

The Federal Executive Council has approved N169.7bn private sector investments for four road infrastructures through the government’s Tax Credit Scheme.

The roads are a 234-kilometer stretch from Bali to Sheti through Gashaka to Gembu in Taraba State at the sum of N95,232,474,010.72.

The second road, which is also a tax credit scheme, consists of three roads worth N74,486,577,050.

The Minister of Works and Housing, Babatunde Fashola, disclosed this to State House correspondents at the end of the council meeting presided over by President Muhammadu Buhari at the Presidential Villa, Abuja on Wednesday.

Fashola said, “So the first road that was awarded today on that policy initiative is the rule road from Bali to Sheti through Gashaka to Gembu in Taraba State. A total of 234 kilometers of reconstruction of that road in the sum of 95,232,474,010.62.

“The existing road, for those who are familiar with it, has no concrete stone base. It is just laterite on the asphalt so it doesn’t last and it’s breaking up and leading to potholes.

“So we’ve rewarded this now for reconstruction under the tax credit scheme, there’s an N20bn provision under the NNPC tax credit scheme that will be used to kickstart this immediately.

“The second road which is also the tax credit scheme, which was approved by the Council is three roads. The applicant, in this case, is Mainstream Energy Solutions, a major energy player in the country and is now seeking to also participate in this policy by investing a total of N74,486,577, 050.”



Please enter your comment!
Please enter your name here