Tue, Jun

Road Reconstruction: FEC Approves N169.7Bn

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The Federal Executive Council (FEC) has approved the sum of N169.7bn in private sector investments for the reconstruction of four roads. This was disclosed by the Minister of Works and Housing, Babatunde Fashola, after the conclusion of the Council’s meeting on Wednesday which was presided over by President Muhammadu Buhari at the Presidential Villa, Abuja.

He said, “The two main memoranda relate to the uptake by the private sector in response to the tax credit program, which we initiated in 2019, by Mr. President’s signing of Executive Order 7 to allow private sector finance public infrastructure in lieu of tax and then to offset it over time, using tax credits.

“So, the first road that was awarded today on that policy initiative is the road from Bali to Sheti through Gashaka to Gembu in Taraba state-234 kilometers, reconstruction of the road at the cost of N95.232bn”.

According to the minister, the council also approved the reconstruction of three roads in Kebbi and Niger State at the sum of over N74bn.