NNPC gets nod to fix 21 roads at N621 billion
• FEC sanctions N4 billion power project
The Nigerian National Petroleum Corporation (NNPC) is to take over reconstruction of 21 federal roads across the six geopolitical zones.
Briefing newsmen at the end of the weekly Federal Executive Council (FEC) presided over by Vice President Yemi Osinbajo, yesterday, at the State House, Abuja, Minister of Works and Housing, Babatunde Fashola, who presented three memoranda, said the total lengths of the highways were 1804.6 kilometers.
“The whole package is N621,237,143,897.75. But this is not a one-off payment. So, let’s be clear, it will be spread over a period of about three years. They have scheduled completion times,” he clarified.
Fashola said the development was a strategic intervention under the Federal Government Road Infrastructure and Refreshment Tax Credit Scheme that falls under Executive Order 7, explaining that this allows the private sector to deploy in advance the taxes they would pay for infrastructure development.
He noted that nine of the projects are in North Central, three in North East, two in North West, two in South East, three in South-South and two in South West.
ALSO briefing the press, Minister of Power, Aliyu Abubakar, said he presented three memos that sought approval of contract award for design, manufacture, supply and construction of the 55-kilometre Agu Akwa Umuchu 132 KVA double circuit transmission line and substation to have two 60 MVA transformers at Umuchu with two by 132 KV line bay extension at Agu Akwa for the Transmission Company of Nigeria (TCN).
This, according to the minister, is between Anambra and Enugu states. He said the council approved the contract in favour of Messrs Cartlark International Limited and had dollar and naira components of financing.
“The naira component is N4,044,309,380.69 inclusive of 7.5 per cent VAT and 7.5 per cent contingency payable to the Central Bank of Nigeria at the prevailing exchange rate, with the completion period of 34 months,” the minister added.