The Federal Government and the Nigeria National Petroleum Corporation (NNPC) Ltd on Tuesday signed a Memorandum of Understanding (MoU) of N621 billion to fund the construction of critical road infrastructure across the country.
According to NAN, the MoU on tax credit was signed in Abuja by the Minister of Works and Housing, Babatunde Fashola, on behalf of the Federal Government; the Chief Finance Officer of NNPC, represented by the General Manager International Energy Relations, Mr Garba Hadejia; and the Executive Chairman of Federal Inland Revenue Service (FIRS), Mr Muhammed Nami.
The MoU on tax credit was to actualise the Executive Order 007 which ensures compliance to road infrastructure development in the country.
Fashola in his statement at the occasion said the executive order 007 was a strategic partnership with the private sector, which has been used to address the Obajano-Kabba road and the very difficult Apapa – Oworoshoki express way.
The Minister said, “Of course, when the order expired, we looked at the limitations of the existing order and recommendations were made to the president, some of which were to make the roads more diverse in their selection and another was that smaller companies could merge in groups to handle smaller roads.
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