January 18, (THEWILL) – The Federal Executive Council (FEC) has given approval to the Nigerian National Petroleum Corporation (NNPC) Ltd, to reconstruct 44 proposed federal roads with a total length of 4, 554 kilometres in the total sum of N1.9 trillion.
This followed the proposal of the Ministry of Works and Housing to the Council under the Federal Government Road Infrastructure Development and Refurbishment Investment Tax Credit Policy Phase 2 by the Nigerian National Petroleum Corporation (NNPC) Limited and its subsidiaries.
Senior Special Assistant to the President on Media and Publicity (Office of the Vice President), Laolu Akande, made this known while briefing State House Correspondents on the outcome of Wednesday’s cabinet meeting presided over by Vice President Yemi Osinbajo.
Akande, who briefed the media on behalf of the Minister of Works and Housing, Babatunde Fashola, said the Council also approved another memo presented by the Minister, for concessionaires of nine road corridors under the pilot phase of the value-added section of the Highways Development and Management Initiative.
He said this followed the issuance of the requisite full business case compliance certificate by the Infrastructure Concession Regulatory Commission for a period of 25 years for each road corridor.
“The roads that will be under this first phase are the Benin-Asaba Corridor; Abuja-Lokoja-Onitsha-Owerri-Aba; Shagamu-Benin; Abuja-Keffi-Akwanga-Makurdi; Kano-Maiduguri; Enugu-Port Harcourt; Lagos-Ota-Abeokuta and Lagos-Badagry-Seme,” he said.
Akande said the Minister for Works and Housing also got the Council’s approval for augmentation of the contract for the rehabilitation of the Oshogbo-Ilesha Road Phase 1 in Osun State, in the sum of N1.2 billion, thereby revising the subsisting contract sum from N3 billion to N4 billion representing an increase of 33 per cent of the original sum.