The Federal Executive Council (FEC) has given an approval of ₦169.7 billion in private sector investments for road infrastructure through the government’s Tax Credit Program (TCP).
This was disclosed on Wednesday following the weekly virtual meeting of the Council.
The Minister of Works and Housing, Babatunde Fashola, who briefed newsmen after the FEC meeting presided over by President Muhammadu Buhari at the State House, Abuja, stressed that the programme was initiated in 2019 through Executive Order 7 signed by the president which allowed the private sector to finance public infrastructure in lieu of tax and then offset it over time using tax credits.
According to him, the first project the Council approved, based on the policy, was the 234-kilometre road from Bali to Sheti through Gashaka to Gembu in Taraba State at the sum of ₦95,232,474,010.72.
He disclosed that an existing ₦20 billion under NNPC Tax Credit Scheme would be used to kickstart the project immediately.
Fashola further said the second road which is also the tax credit scheme, which was approved by Council covered three roads.
Meanwhile, the Minister of Information and Culture, Alhaji Lai Mohammed, who briefed journalists on behalf of his counterparts in Aviation, Power and Agriculture, said FEC approved the sum of ₦3,491,622,340 for the purchase of a property in Abuja for the Ministry of Aviation.
According to him, the property to be acquired would enable the ministry to co-locate with many of its agencies.