NNPC Group Chief Executive Mele Kyari stated in Lagos on Thursday that the Nigerian National Petroleum Company Limited will contribute an additional N1 trillion to road projects in Nigeria.
During a tour of the building activity taking place at the Agbara-Badagry road project, Kyari revealed this in a video clip viewed in Abuja. He said that the N1 trillion will be spent in road projects under the Federal Government’s program for road development tax credits.
“We are quite pleased with the level of this road improvement,” the NNPC chairman remarked. We are thrilled with this intervention nationwide, not just in one location.Across the nation, we are traveling 1,800 kilometres. We are making yet another round of nearly N1 trillion investments in the nation’s transportation infrastructure.
“We believe that this tax credit system which Mr. President has put in place is the game changer for our country.
“We believe that in the next 24 months, there will be massive change to the entire road network in this country and this is why the NNPC is your company and working for all of us.
“We think that it is the best way to intervene and bring up our infrastructure. We are adding another set of cash, we have not reached the final numbers, but I know it is over N1tn.” To facilitate the flow of petroleum products, the NNPC declared around the third quarter of 2021 that it will support the repair of a number of chosen road projects.
This was carried out in compliance with the President’s executive order 007. It was sponsored by the NNPC through the Federal Inland Revenue Service. The NNPC supplied funding for the building of 1,804.6km of roads at a cost of N621,24bn, and the project was managed by the Federal Ministry of Works and Housing.
