{"id":68422,"date":"2023-01-19T08:47:19","date_gmt":"2023-01-19T07:47:19","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=68422"},"modified":"2023-01-19T08:47:19","modified_gmt":"2023-01-19T07:47:19","slug":"nnpc-secures-fecs-approval-to-invest-n1-9tri-in-44-federal-roads","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/nnpc-secures-fecs-approval-to-invest-n1-9tri-in-44-federal-roads\/","title":{"rendered":"NNPC Secures FEC\u2019s Approval To Invest N1.9tri In 44 Federal Roads\u00a0"},"content":{"rendered":"

The Federal Executive Council(FEC) has approved the recommendation for the Nigerian National Petroleum Corporation Limited (NNPC LTD.) to invest N1.9 trillion in the reconstruction of 44 federal roads under the tax credit policy.<\/p>\n

The council gave the approval at its meeting presided over by Vice President Yemi Osinbajo on Wednesday at the Presidential Villa, Abuja.<\/p>\n

Osinbajo\u2019s spokesman, Laolu Akande, briefed State House correspondents on behalf of the Minister of Works and Housing.<\/p>\n

\u201cThe Federal Executive Council approved the recommendation to invest in the reconstruction of selected federal roads 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.<\/p>\n

\u201cSo, the council approved the proposal by the Ministry of Works and Housing for the reconstruction of 44 proposed federal roads with a total length of 4,554 kilometers in the total sum of N1.9 trillion.\u2019\u2019<\/p>\n

Akande said the council also approved the concession of nine federal roads.<\/p>\n

He said that roads were spread across the country.<\/p>

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\u201cIn another memo, the Minister for Works and Housing also got approval of the council for concessionaires for nine road corridors under the pilot phase of the value-added section of the Highways Development and Management Initiative following 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 as follows.<\/p>\n

\u201cThe 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.\u2019\u2019<\/p>\n

More so, Akande said that the Minister for Works and Housing got the council\u2019s approval for augmentation of contract for rehabilitation of the Oshogbo-Ilesha road phase 1 in Osun State in the sum of N1.2 billion. \u201cThe approval thereby revises the subsisting contract sum from N3 billion to N4 billion representing an increase of 33 per cent of the original sum.<\/p>\n

nan<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The Federal Executive Council(FEC) has approved the recommendation for the Nigerian National Petroleum Corporation Limited (NNPC LTD.) to invest N1.9 trillion in the reconstruction of 44 federal roads under the tax credit policy.\u00a0<\/p>\n","protected":false},"author":6,"featured_media":52850,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[188],"coauthors":[2391],"class_list":["post-68422","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-nnpc"],"yoast_head":"\nNNPC Secures FEC\u2019s Approval To Invest N1.9tri In 44 Federal Roads\u00a0 - National Wire<\/title>\n<meta name=\"description\" content=\"The Federal Executive Council(FEC) has approved the recommendation for the Nigerian National Petroleum Corporation\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/nnpc-secures-fecs-approval-to-invest-n1-9tri-in-44-federal-roads\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NNPC Secures FEC\u2019s Approval To Invest N1.9tri In 44 Federal Roads\u00a0 - 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