NNPC will finance road projects with N1tn – Kyari

Nigerian National Petroleum Company Limited will provide additional N1tn for highway projects in Nigeria, NNPC Group CEO Mele Kyari announced Thursday in Lagos.

Kyari, in a video clip seen in Abuja, revealed this during a tour of the ongoing construction exercise on the Agbara-Badagry highway project.

He said the N1tn would be invested in road projects through the federal government’s road infrastructure tax credit scheme.

The head of NNPC said, “We are very happy with the status of the development of this highway. We are very happy with this intervention throughout the country, not only in this place. We are doing 1,800 km across the country. We are taking another set of more than N1tn of investments in road infrastructure in the country.

“We believe that this tax credit system that Mr. President has put in place is the game changer for our country.

“We believe that in the next 24 months there will be a massive change in the entire road network of this country and that is why NNPC is your company and works for all of us.

“We think that it is the best way to intervene and move our infrastructure forward. We are adding another set of cash, we have not reached the final numbers, but I know it is above N1tn.

Around the third quarter of 2021, NNPC announced its intention to provide funds for the reconstruction of selected highway projects to facilitate the movement of petroleum products.

This was executed under the tax credit scheme that was financed by the NNPC through the Federal Internal Revenue Service in accordance with the executive order of the President 007.

The construction exercise was carried out by the Federal Ministry of Public Works and Housing, as the NNPC provided funds for the construction of 1,804.6 km of roads at a cost of N621.240 million.

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