The Nigerian National Petroleum Company (NNPC) and the Federal Government of Nigeria have signed a Memorandum of Understanding (MoU) yesterday to enable the corporation to provide N621 billion for the construction and completion of 21 roads spanning 1,800 kilometers.
The Federal Government signed the agreement with the Corporation through the Ministry of Works and Housing.
The pact was focused on roads that are critical to the distribution of petroleum products across the country.
It is part of the private sector-driven initiative to enable individuals and corporate organizations to buy into the provision of infrastructure, especially in the areas of road development.
Checkout Magazine learned that the 21 road projects were not new projects and their funding would be from the tax credit intervention as proposed by NNPC to the Federal Inland Revenue Service (FIRS).
The Minister for Works and Housing Babatunde Fashola, who signed on behalf of the federal government, said: “The Executive Order 7 is an order for all Nigerian businesses. We are announcing from a conglomerate like Dangote Group and announcing the oil industry sector, and now stepping in very sure-footed with over N600 billion to address 21 roads that cover 1800-kilometer; that is truly massive and it is a very show of confidence by the NNPC.
