The Federal Executive Council (FEC) has granted approval for the equalization of the Okpella segment of the Lokoja-Benin road and other infrastructure projects valued at N120 billion. BUA Cement Plc will finance these endeavors under the tax credit scheme, as announced during a FEC meeting chaired by President Bola Tinubu.
The decision, part of 21 significant policy initiatives unveiled during the meeting, aims to address critical infrastructure needs and enhance road safety. The statement by Bayo Onanuga, Special Adviser to the President on Information and Strategy, outlined the approved projects, including the reconstruction of the Lokoja-Benin Road, Okpela Section, among others.
The recent incident involving a fuel tanker underscores the urgency of the road’s reconstruction, which will be funded by BUA Cement at a cost of N120 billion under the tax credit scheme. This innovative financing model allows private companies to fund road projects, easing the financial burden on the government while promoting private sector involvement in infrastructure development.
Additionally, FEC approved contracts for various road projects nationwide, including the Kaima-Tesse road in Kwara State, the Benin-Agbor road, the Benin Bypass, and the Ngaski-Wara road in Kebbi State. These initiatives are expected to total approximately N546 billion, further signaling the government’s commitment to infrastructure development across the country.
One notable contract worth N230 billion was awarded to Messrs CCECC for the construction of a bypass in Kano, with a projected completion timeline of 36 months.
The extended duration of the FEC meeting underscores the thorough deliberations undertaken to address critical issues and advance policies aimed at bolstering the economy, attracting investments, and improving the business environment in Nigeria.
