FEC Approves N169bn Private Sector Investments In Roads

Federal government has approved N169 billion in private sector investments for road infrastructure through the government’s Tax Credit Programme.
The minister of works and housing, Babatunde Fashola (SAN), disclosed this to State House correspondents yesterday after the federal executive council meeting presided over by President Muhammadu Buhari at the Presidential Villa.

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 instead of tax and then offset it over time using tax credits.

He said the first project the Council approved yesterday, based on the policy, was the 234-kilometer road from Bali to Sheti through Gashaka to Gembu in Taraba State at the sum of N95,232,474,010.72.

He 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.

During his briefing, the minister of information and culture, Alhaji Lai Mohammed, who briefed on behalf of his counterparts in Aviation, Power and Agriculture said the Council approved the sum of N3,491,622,340 for the purchase of a property in Abuja for the Ministry of Aviation.

He said the property to be acquired was to enable the ministry co-locate with many of its agencies.

The post FEC Approves N169bn Private Sector Investments In Roads appeared first on Lawyard.