FEC approves N169.7bn for the reconstruction of four highways through the Tax Credit Scheme

The Federal Executive Council (FEC) has approved N169.7bn for the reconstruction of four highways under the Tax Credit Scheme. The Minister for Public Works and Housing, Babatunde Fashola, announced this when he briefed correspondents from the House of Representatives on the outcome of the Council meeting chaired by President Muhammadu Buhari, at the Presidential Villa, Abuja, on Wednesday. He said the approval was in response to the tax credit scheme, initiated in 2019 by Mr Buhari after signing Executive Order 7, to allow the private sector to finance public infrastructure in lieu of taxes and then offset it over time using credits. tax. “The two main memorandums relate to the acceptance by the private sector in response to the tax credit program, which we initiated in 2019, with the signing of the Mr. President of Executive Order 7 to allow the private sector to finance public infrastructure in tax place and then offset over time, using tax credits. “So the first road that was awarded today in that political initiative is the road from Bali to Sheti via Gashaka to Gambu in Taraba state – 234 kilometres, reconstruction of the road at a cost of N95,232bn “The existing road, for those who know it, does not have a concrete stone base. “So it’s just laterite in the tarmac so it’s not lasting and it’s breaking up and creating potholes. “So we have granted this now for reconstruction under the tax credit scheme; there is a provision of N20bn under the NNPC tax credit scheme to be used to kick start this immediately. “So this is a path that should not suffer from sustained funding challenges. Now that council has approved it, and it is a very critical road that leads to the Mambilla Plateau.” According to the minister, the road also provides access to the Gashaka Game Reserve and also allows access to many farmlands. Mr. Fashola also revealed that the council gave its approval to a private company, Mainstream Energy Solutions, to invest more than N74bn in the reconstruction of three highways in Kebbi and Niger states. “The second project, which is also in the tax credit scheme approved by the council, is actually three ways. “The applicant, in this case, is Mainstream Energy Solutions, a major energy player in the country, now seeking to participate in this policy as well by investing around N74.4bn,” he said. Information and Culture Minister Lai Mohammed, reporting on behalf of his counterparts in Aviation, Energy and Agriculture, said the Council approved around N3.5bn for the purchase of property in Abuja for the Ministry of Aviation. He said the property to be acquired would allow the ministry to share the location with many of its agencies. It further disclosed that the Council awarded a contract N553.5m for the establishment and implementation of advanced reporting utility engine web-based reporting tools in favor of Msssrs Sinecou Limited with a delivery date of 12 months. The minister also revealed that his Power counterpart obtained approval for the upward revision of the original contract amount regarding the construction of 232 kilometers of Yola, Song, Gombe, Mubi, Gulako 132 KV double circuit transmission line from $ 16 million plus N1.248 billion to $16.698 billion, plus N2.33 billion. He added that N409 million have been approved for the Ministry of Energy to buy replacements for faulty circuit breakers. Mr. Mohammed stated that the council also gave its approval to the Ministry of Agriculture for its National Agricultural Technology Innovation Policy. The Minister of State for Budget and National Planning, Clement Agba, said that the Minister, Zainab, presented a memorandum on Phase 3 of the Lighthouse program on the digital infrastructure of voluntary assets and income declaration. . He said that the project Lighthouse application update was in the debt recovery module, the corporate profiles engine as a government gateway, and then the Lighthouse project website, the revenue performance management module of the Federal Government and capacity building. Mr. Agba revealed that with Phases 1 and 2, the government was able to recover N5 billion from the contractors, ensuring that with the implementation of the third phase, further recovery would be achieved. (YAYA) Read More Related News Here Let here it in the comment below if you do have an opinion on this; FEC approves N169.7bn for the reconstruction of four highways through the Tax Credit Scheme