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The Federal Executive Council, FEC, has ratified MTN’s takeover of the construction of the Enugu-Onitsha Expressway.
The takeover is part of the road Infrastructure Tax Credit Scheme.
Babatunde Fashola, the Minister of Works and Housing, stated to State House correspondents after this week’s council meeting president by President Muhammadu Buhari, at the Presidential Villa, Abuja.
Fashola said the approval followed Executive Order 7 signed by the President in January 2019.
He said the arrangement will allow the MTN to complete the dualization of the 110-kilometre road.
The minister added that the Federal Government also approved the construction of the Umuchi-Ususu-Umueme road in Abia State for construction by GZ Industrial at N4.2bn under the same scheme.
Fashola said, “the Ministry of Works and Housing presented two memoranda and they are largely PPP based memoranda. In January 25, 2019 specifically, President Buhari approved Executive Order 7, which was the road infrastructure tax credit scheme, to allow private sector to invest tax liabilities in advance in infrastructure, and that policy has helped us to finance roads like or by Obajana to Kaba, Apapa-Oshodi, Oshoki-Ojota Expressway, the Bodo-Bonni expressway in Port Harcourt, about 1000 kilometers covering 21 roads under the NNPC investment. So, there is an increased optic for that policy. Today, we have two more.
“The first that was approved is the one by MTN Nigeria Plc to take over and complete the ongoing Enugu-Onitsha Expressway. That road is 110 kilometres, which is being dualised. So, you have 110 kilometers times two.”
According to Fashola, the policy would ensure a steady and sustained stream of funding for completion by MTN.
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He added, “The second memo also was under the Tax Credit Scheme and while the first one was related to the road linking Anambra and Enugu states, this one is with respect to a road in Abuja.
“Now, the road is called Umuchi-Ususu-Umueme GZ Industries Road in Abia. The private sector beneficiary of the approval is a company called GZ Industries. GZ Industries manufactures aluminium cans for bottling drinks. They have a factory in Agbara in Ogun State and they have another one in Abia in this area. So, it’s a link road to their factory.
“The approval was for N4,205,454,855,26. The road is a 3.7km road. So, it’s an access road to their Industry Council, approved both memoranda.”
The council also approved the establishment of a fire truck maintenance and refurbishment centre in Katsina at N13.02bn. This formed part of the three memoranda presented to the council by the Ministry of Aviation.
Source: Punch