FEC approves NNPCL’s request to invest N1.9trn in 44 federal roads
The Federal Executive Council presided over by Vice President Yemi Osinbajo, has approved the sum of N1.9 trillion for the Nigerian Petroleum Development Company Ltd to construct 44 federal roads.The total length of the roads is 4,554 kilometers.
The Senior Special Assistant to the President on Media and Publicity Office of the Vice President, Laolu Akande, disclosed while briefing state house correspondents on behalf of the Minister of Works and Housing, Babatunde Fashola.
Akande said the council approved the recommendation to invest in the reconstruction of selected federal roads on the federal government, road infrastructure development, and refurbishment investment tax credit policy, phase two by the Nigerian National Petroleum Corporation and its subsidiaries.
He said FEC also approved 25-year Concessions for Nine Road Corridors under the pilot phase of the Highway Development and Management Initiative following the issuance of requisite Full Business Case (FBC) Compliance Certificates by the Infrastructure Concession Regulatory Commission (ICRCN)
“The roads that will be under this first phase are the Benin-Asaba corridor. Abuja-Lokoja-Onitsha-Owerri-Aba-Shagamu-to Benin, Abuja-Keffi-Akwanga-Lafia-Makurdi, Kano-Maiduguri, Enugu-Port Harcourt, Lagos-Ota-Abeokuta, and Lagos-Badagry-Seme.”
Akande stated said that FEC also granted the Ministry the augmentation of contract for the rehabilitation of the Oshogbo-Ilesha Road phase one, Ilesha-Oshogbo in Osun State in favor of Messers Orizon construction company in the sum of N1.2 billion, thereby revising the subsisting contract sum from N3 billion to N4 billion, representing an increase of 33% of the original sum.”
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