October 13, 2022
The Federal Executive Council has approved MTN’s takeover of the construction of the Enugu-Onitsha Expressway at over N202.8bn under the road Infrastructure Tax Credit Scheme.
Works and Housing Minister Babatunde Fashola who told Newsmen this shortly after FEC’s weekly council meeting chaired by President Muhammadu Buhari at the Presidential Villa, Abuja says the approval followed Executive Order 7 signed by the President in January 2019.
He says it would enable the telecom giant to complete the dualisation of the 110-kilometer road under the same scheme, the Council approved the Umuchi-Ususu-Umueme Road in Abia State for construction by GZ Industries at N4.2bn.
The Minister says Works and Housing Ministry had presented two memoranda on January the 25th, 2019 which were largely Private Public Paternership based memoranda approved by President Buhari as Executive Order 7, which was the road infrastructure tax credit scheme, to allow private sector to invest tax liabilities in advance in infrastructure which has helped the government to finance roads like or by Obajana to Kaba, Apapa-Oshodi, Oshoki-Ojota Expressway, the Bodo-Bonni expressway in Port Harcourt, about 1000 kilometers covering 21 roads under the NNPC investment to increase the optic for that policy.