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FEC Okays N169bn Private Sector Investments For Roads

FEC Okays N169bn Private Sector Investments For Roads

The Federal Executive Council (FEC) has approved a N169 billion private sector investment for road infrastructure, through the Nigerian government’s Tax Credit Programme. THE WILLS reports.

Mr Babatunde Fashola, the Minister of Works and Housing, made this known while conversing with State House Correspondents at the Presidential Villa, Abuja. Information Guide Nigeria

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According to him, the Programme was initiated in 2019 through Executive Order 7 signed by the President, which allowed the private sector to finance public infrastructure in lieu of tax and then offset it over time using tax credits. jamb results

He explained that the first project the Council approved on Wednesday, based on the policy, was the 234-kilometre road from Bali to Sheti, through Gashaka to Gembu in Taraba state, at the sum of N95,232,474,010.72.

Fashola further disclosed that an existing N20 billion under NNPC Tax Credit Scheme would be used to kickstart the project immediately.

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

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Goodnews

Essien, Goodnews is a gruaduate of Communication Arts, University of Uyo, Uyo; Currently working at Infoguide Media as a news writer.

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