The Federal Ministry of Works and Housing will execute 21 critical roads in the country that will be funded through the Nigerian National Petroleum Corporation (NNPC) N621 billion tax credit.
This was made possible after the two agencies signed a Memorandum of Understanding (MoU) in Abuja on Tuesday.
Mr Babatunde Raji Fashola, Minister of Works and Housing, who addressed journalists, said the MoU emanates from the Executive Order 7, that ensures compliance to road infrastructure development in the country.
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“This originated from Executive order 7. The order we inherited from the previous administration had an expiration date and it expired. But two things, when we started there were lots of criticism but the goal is to serve Nigeria.
“This is not an order for one person; it is an order for all the Nigerian businesses. We are now seeing the oil sector steeping in footedly with over N600 billion to address 21 roads that cover 1,800 kilometers.
“This is really massive; it is the first big show of confidence by NNPC. And we are even seeing them beginning to show interest in the telecom sector and we hope this will carry on as a strategic expansion of private sector interests in contributing to the development of Nigeria.”
In his remarks, Mele Kyari, the Group Managing Director of NNPC, said the Company is pleased with partnering with the Federal Ministry of Works and Housing in funding the construction and rehabilitation of a number of roads in the country.
Kyari, who was represented by the Group General Manager Corporate Planning and Strategy of NNPC, Umar Ajiya, said “In our quest to participate in ending insecurity in Nigeria, we are charged with the responsibility of pointing the country to the right direction of national growth and development.
“It is on this note that we find this tax credit a very big step to support the Federal Ministry of Works in funding a number of these roads.”
Speaking in the same vein, Executive Chairman, Federal Inland Revenue Service, FIRS, Muhammad Nami, vowed to be a frontburner in ensuring the actualization of the 21 critical road projects.
“This came against the backdrop of the Executive Order 7, and to this effect, we would carry out these projects on the grounds made available by the executive order as well as the funding from the NNPC.”
Ahead of the yuletide celebrations, Fashola pleaded with motorists to not exceed the maximum speed limit of 100 kilometers per hour when on highways and travelling for the Christmas and New year celebrations.
“The absolute maximum speed on the federal highways is 100km/h. It is not the minimum, it is the maximum. Motorists are not expected to exceed this speed limit when driving on highways. What this does if when that speed is maintained, when trouble comes, you would be able to put your vehicle under control.
“We appeal to you during this period, please do not exceed the speed limit of 100km/h. And drivers should desist from using their phones while driving.” he said.
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