The federal executive council (FEC) has approved the takeover of the construction work on the Enugu-Onitsha expressway by MTN Nigeria at about N202.8 billion, under the road infrastructure tax credit (RITC) scheme.
Babatunde Fashola, minister of works and housing, said this on Wednesday while speaking with journalists after the council’s meeting, presided over by President Muhammadu Buhari.
He said the approval was in line with the executive order 7 signed by Buhari in January 2019.
“In 2019, January 25, specifically, you might recall that President Buhari approved executive order 7, which was the road infrastructure tax credit scheme, to allow the private sector to invest tax liabilities in advance in infrastructure, and that policy has helped us to finance roads like or by Obajana to Kaba, Apapa-Oshodi, Oshoki-Ojota Expressway, the Bodo-Bonni expressway in Port Harcourt, about a 1000 kilometres covering 21 roads under the NNPC investment. So, there is increased optic for that policy. So, today we have two more,” he said.
Credit: Native Reporters