BREAKING: Massive Change Coming To Nigeria’s Infrastructure As NNPC Ltd Set To Provide Additional N1trn For Road Projects

… Intervention On Road Projects To Hit Over N1.6trn

The Nigerian National Petroleum Company Ltd is set to release additional funding of over N1trn for critical road projects in the country.

The Group Chief Executive Officer of the NNPC Ltd, Mallam Mele Kyari revealed this on Thursday in Lagos during a tour of the on-going work being done at the Agbara-Badagry road project.

He visited the project sites with members of the NNPC Board, officials from the Federal Inland Revenue Service led by the Executive Chairman Muhammad Nami, and top officials in the Ministry of Works as well as other critical stakeholders.

Kyari said the additional N1trn being planned to be spent by the NNPC, will be done through the Federal Government road infrastructure tax credit scheme.

The disclosure by the NNPC Boss is coming about 14 months after the National Oil Company expressed interest to invest in the reconstruction of selected federal roads in order to sustain a smooth supply and distribution of petroleum products across the country.

The road construction project is being executed under the tax credit scheme being funded by the NNPC through the Federal Inland Revenue Service in accordance with President Muhammadu Buhari’s executive order 007.

Under the initial programme, the NNPC is constructing a total of 1,804.6 kilometres of roads at a total cost of N621,237,143,897.35.

Speaking during an interview with journalists at the sidelines of the tour, Kyari said the NNPC understands the importance of road infrastructure to the development of the Nigerian economy, adding that this was why massive investments is being made
in that area for the benefit of Nigerians.

He described the tax credit scheme which is the initiative of President Muhammadu Buhari as a game changer in the Federal Government’s quest to scale up infrastructure projects in the country, noting that the NNPC will continue to support any effort of government aimed at growing the Nigerian economy.

Kyari expressed satisfaction with the progress of work so far done in the project sites visited, adding that the NNPC has done it’s part in releasing all the funds needed for their execution.

The GCEO said, “We are very happy about the state of this road development. We are very happy with this intervention across the country not just in this place.

“We are doing 1,800km across the country. We are taking another set of over N1trn of investments in road infrastructure in the country.

“We believe that this tax credit system which Mr President has put in place is the game changer for our country.

“We believe that in the next 24 months, there will be massive change to the entire road network in this country and this is why NNPC is your company and working for all of us.

“We think that it is the best way to intervene and bring up our infrastructure. We are adding another set of cash, we have not reached the final numbers, but I know it is over N1trn.”

He said the projects are being implemented with the consultant which President Muhammadu Buhari used when he was the Chairman of the Petroleum Trust Fund.

He expressed optimism that with the experience of the consultant, quality roads will be delivered to Nigerians through the project

He added, “Across the country, everywhere we have our consultants. A world class consultant that was used by Mr President when he was the PTF Chairman to deliver all those projects that you all recall.

“We are using the same consultants in partnership with the Federal Ministry of Works and the FIRS to make sure that this works for all of us and we can see from the quality of work.

“This is the best framework for delivering infrastructure in the country. We are funding partners. We are development partners and enablers. So, whatsoever the FIRS and the Ministry of works approve for us, we will consider from our cash flow and fund them.”

Also speaking, the Director, Roads, Ministry of Works, Engr Folorunso Esan, hailed the NNPC for it’s intervention on critical road infrastructure in the country.

Specifically, he said through the intervention, the NNPC has been able to improve the pace of the project from ten per cent to about 40 per cent within a very short period of time.

He said, “From what we can see, the intervention from NNPC has taken this project from 10 per cent to 40 per cent in a very short time.

“And we have achieved a lot and you can see that the construction is still ongoing and what they have done already is quality work which everyone has attested to. And they are ready to complete this project with the funding available.”

Also speaking during an interview with THE WHISTLER, the Oba of Ibereko in Badagry, Oba Israel Adewale Okoya said residents of the area have suffered untold hardship because of the poor state of the road.

Specifically, he said prior to the NNPC’s intervention, motorists spent between two to six hours daily on the traffic in the area.

However, he said with this intervention by the NNPC, the travel time of the road has been reduced to less than an hour.

He said, “In two, three, four years ago, we had a problem here, from Badagry to Agbara is two to four hours, to mile 2 is six hours. But today, under one hour you can get to Agbara and we are happy.”