The Federal Executive Councilh has approved the recommendation by the Ministry of Works and Housing for the Nigerian National Petroleum Corporation Limited (NNPC Ltd) and its subsidiaries to invest the sum of N1.9trn for the reconstruction of 44 selected federal roads across the country.
The Senior Special Assistant to the President on Media and Publicity in the Office of the Vice President, Laolu Akande, announced this Wednesday after the FEC meeting presided over by Vice President Yemi Osinbajo.
Akande said the expected expenditure was in furtherance of the Federal Government’s Road Infrastructure Development and Refurbishment Investment Tax Credit Policy, phase two by the NNPC Ltd and its subsidiaries.
He said the council also approved concessionaires for nine road corridors under the pilot phase of the Value Added Concession of the highways development and management initiative following the issuance of the requisite full business case compliance certificates by the Infrastructure Concession Regulatory Commission for a period of 25 years.
The road corridors approved for the first phase were the Benin-Asaba corridor, Abuja-Lokoja-Onitsha-Owerri-Aba-Shagamu-to Benin, Abuja-Keffi-Akwanga-Lafia-Makurdi, Kano-Maiduguri, that is the Kano Shauri, Enugu-Port Harcourt, Lagos-Ota-Abeokuta, and Lagos-Badagry-Seme.
Akande said the FEC also approved the augmentation of contract for the rehabilitation of the Oshogbo-Ilesha Road in favour of Messers Orizon construction company in the sum of N1.2bn, thereby revising the subsisting contract sum from N3bn to N4bn, representing an increase of 33% of the original sum.
The Minister of Aviation, Hadi Sirika, said the FEC approved N2,296,897,404 for the local assemblage of Magnus Centennial Aircraft and Stimulator in Zaria, Kaduna State.
He said the local assemblage of Magnus training aircraft in the country was expected within the next 18 months, stating that two of such aircraft should ready before the end of the present administration in May this year.
Sirika assured that in not too distant future, Nigeria would commence manufacturing of aircrafts.
According to him, the manufacturer of the airplane is based in Hungary and has local company called Ingenious to be done in Zaria.
He said his ministry presented two memoranda bordering on the local assemblage of Magnus aircraft and review of the cost of Instrument Landing System (ILS) in three airports by additional N546,109,336. 33 with 7.5 percent VAT.
The minister said the FEC also approved the memorandum that revised the estimated total cost and augmentation of contract for procurement and installation of Instrument Landing System (ILS) at Port Harcourt International Airport, Kano International Airport, and Katsina Airport.
He said the contract, awarded earlier, had to be reviewed due to fluctuations in foreign exchange.
The Minister of Environment, Mohammed Abdullahi, said the council approved N1,354,016,250 for the procurement of 31 project vehicles for the hydrocarbon pollution remediation projects in Ogoni land of Rivers State.
He said the vehicles of various brands would be deployed for the monitoring of power and remediation projects in some polluted areas.