The NNPC Group CEO, Mallam Mele Kyari, made this known on Thursday when he led NNPC’s management team with some top government officials to inspect the ongoing rehabilitation and expansion of the Lagos-Badagry Expressway (Agbara Junction-Nigeria/Benin Border).
The News Agency of Nigeria (NAN) reports that the road under rehabilitation is being funded by the NNPC Ltd. under the Federal Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme.
The execution of the scheme is being carried out in collaboration with the Federal Ministry of Works and Housing as the supervisor and the Federal Inland Revenue Service (FIRS) for NNPC’s tax obligation deductions.
This is in response to addressing the plight faced by petroleum products marketers in transportation which affects nationwide distribution.
Kyari said the fund disbursed was part of the N621.24 billion earmarked for the reconstruction of 21 roads nationwide under the scheme.
He expressed satisfaction with the stage of the road development.
“We are covering 1,804.6mkm across the country and taking another set of over a trillion naira investment on infrastructure in Nigeria, believing that with the tax credit system which President Muhammadu Buhari has put in place, very soon there will be a massive change.
“NNPC as the enabler will consider its cash flow and fund whatever FIRS and Ministry of works approved for the company.
The Minister of Works and Housing, Mr. Babatunde Fashola, represented by the Director, of Highways, Roads, and Rehabilitation of the Ministry, Mr. Folorunsho Esan, said the intervention of the NNPC speed up the reconstruction of the expressway.
Esan said that the project was 40 per cent completed.
“In the next 12 months we should be able to deliver this project because the drainages are in place, just for earthworks and pavement works, it cannot take us more than 12 months,” he said.
Speaking on the gridlock being caused by the Lagos-Ibadan Expressway project, he said the contractor would clear all impediments and move out of the site by December 15 to make the highway free for Yuletide.
Earlier, Mrs. Olukorede Keisha, Federal Ministry of Works Engineer supervising the Lagos-Badagry Expressway project, gave a brief of the project, listing the drains, culverts and other construction works done on various stretches.
Oba Israel Okoya, Oba of Ibereko in Badagry Royal Majesty, who lauded the Federal Government and NNPC for the intervention said before the reconstruction, the road was in a terrible situation making traffic unbearable for motorists.
NAN reports that as part of the inspection of the critical road infrastructure in key economic areas, the NNPC’s team had earlier inspected dualisation of the Suleja- Minna Road Phase II and the ongoing reconstruction of the Bida-Lapai-Lambata road in Niger State.
It could be recalled that on Jan. 25, 2019, President Muhammadu Buhari, signed Executive Order No 007 on the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme, which is for a period of 10 years from its commencement date.