The restoration of the Okpella part of the Lokoja-Benin road, among other things, has received approval from the Federal Executive Council, or FEC.
Under Nigeria’s government tax credit program, BUA Cement Plc would finance N120 billion from BUA Cement Ltd.
Following the FEC meeting on Tuesday, Bayo Onanuga, the President’s Special Advisor on Information and Strategy, revealed this via his official X handle.
He said, “On Day 2 of the FEC meeting, approval was given for the award of contract for the equalisation of Lokoja-Benin Road, Okpella Section, Lokoja-Benin, Dualised Auchi Section -Uromi Link Road and Lokoja-Benin Road, Ekpoma Section.”
“Recently, a fuel tanker fell into high water on this road, and villagers had to swim to rescue its occupants. BUA Cement will finance the reconstruction at a cost of N120 Billion under the tax credit scheme.”
Onanuga also revealed the awarding of contracts for several road projects around the nation, with an estimated cost of over N546 billion. These projects include Kaima-Tesse in Kwara State, Benin-Agbor, Benin Bypass, and Ngaski-Wara in Kebbi State.
Executive Order 7, a Road Infrastructure Development and Refurbishment Tax Credit Scheme Order, was introduced by the recently outgoing President, Muhammadu Buhari, and it would be in effect for ten years.
Zacch Adedeji, the chairman of the Federal Inland Revenue Service, has criticized the plan, claiming it robs the nation of its Company Income Tax revenue.
