Connect with us

Politics

NNPC to spend 39.4% of N621.2bn tax liabilities in North-Central

Published

on

Mele Kyari

The Nigerian National Petroleum Corporation (NNPC) on Friday released a detailed breakdown of how it planned to spend the N621.2billion tax liabilities on federal roads in the country.

The Federal Executive Council (FEC)  on Wednesday gave the corporation the go-ahead to spend the N621.2billion tax liabilities on the reconstruction of 21 federal roads across the country’s six geopolitical zones.

In a statement titled: “Cost/Spread of Roads by NNPC under FG Road Infrastructure Development And Refurbishment Investment Tax Credit Scheme,” signed by its Group General Manager, Public Affairs Division, Garba Deen Muhammad, the corporation said it would spend N244.8 billion or 39.41 percent of the total amount on the construction of 791.10km of roads in the North-Central.

 

It will spend N172.0 billion on the reconstruction of 81.9km of roads in the South-South.

READ ALSO: NNPC gets Nigerian govt’s approval to deploy N621.2bn tax liabilities on road projects

South-West region got the third largest allocation after NNPC earmarked N81.87billion for the rehabilitation of 252.7km of roads in the region while North- East received N56.12billion for 273.35km long road network.

The commission also set aside N43.2billion for the reconstruction of 122.0km of roads in the South-East and N23.05billion for works on road networks stretching 283.5km in North-West.

The statement read: “Following the approval by the Federal Executive Council (FEC) for the NNPC to construct/rehabilitate twenty-one (21) Federal roads under the Federal Government Road Infrastructure Development & Refurbishment Investment Tax Credit Scheme, pursuant to Presidential Executive Order 007 of 2019, the NNPC wishes to avail the Nigerian public the spread of the road projects and the respective costs accordingly.

“Under the programme, the NNPC will construct a total of 1,804.6km of roads at a total cost of N621,237,143,897.35 (Six Hundred & Twenty-One Billion, Two Hundred & Thirty-Seven Million, One Hundred & Forty-Three Thousand, Eight Hundred & Ninety-Seven Naira, Thirty-Five Kobo).

“The NNPC once again expresses its appreciation to the Federal Executive Council for its timely approval of the take-off of the project, and to the Federal Inland Revenue Service (FIRS) for its support.”

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now