THE Federal Executive Council (FEC) has approved the dualisation of the Okpella section of the Lokoja-Benin road a the cost of N120 billion.
The project, FEC noted, would be financed by BUA Cement Plc under the tax credit scheme.
The Special Adviser to the President on information and strategy, Bayo Onanuga confirmed this development on his official X handle after the FEC meeting on Tuesday, May 14.
He said, “On day 2 of the FEC meeting, approval was given for the award of contract for the equalisation of Lokoja-Benin Road, Okpela Section, Lokoja-Benin, Dualised Auchi Section -Uromi Link Road and Lokoja-Benin Road, Ekpoma Section.”
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Ononuga remarked that on the Lokoja-Okpella road, a fuel tanker fell into a river recently and was visible on social media with villagers having to swim to rescue the occupants of the tanker.
Onanuga disclosed the award of contracts for other road projects across the country which includes Kaima-Tesse, Kwara State, Benin-Agbor, Benin Byepass, and Ngaski-Wara in Kebbi State which were estimated to cost around N546 billion.
Furthermore, N230 billion was approved as a contract to Messrs CCECC to build a Bypass in Kano. The project was estimated to be completed within 36 months.
The ICIR reported that the tax credit scheme commenced through Executive Order 7 of 2019 by former President Muhammadu Buhari which established the Road Infrastructure Development and Refurbishment Tax Credit Scheme Order to last 10 years from implementation.
The order seeks to foster public-private partnerships for road construction and maintenance. It authorises private companies to finance road projects, thereby reducing the financial load on the federal government.
In return, these companies will receive tax credits equal to their total expenditure on the roads.
Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.