FEC okays BUA Cement’s N120bn funding for rehabilitation of Lokoja-Benin road

The Federal Executive Council, FEC, has approved the rehabilitation of the Okpella section of the Lokoja-Benin road and others.

BUA cement will provide N120 billion, which BUA Cement Plc will finance under Nigeria’s government tax credit scheme.

The Special Adviser to the President on Information and Strategy, Bayo Onanuga, disclosed this via his official X handle after the FEC meeting on Tuesday.

He said, “On Day 2 of the FEC meeting, approval was given for the award of contract for the equalisation of Lokoja-Benin Road, Okpella Section, Lokoja-Benin, Dualised Auchi Section -Uromi Link Road and Lokoja-Benin Road, Ekpoma Section.”

“Recently, a fuel tanker fell into high water on this road, and villagers had to swim to rescue its occupants. BUA Cement will finance the reconstruction at a cost of N120 Billion under the tax credit scheme.”

Onanuga also disclosed the award of contracts for other road projects across the country, including Kaima-Tesse, Kwara State, Benin-Agbor, Benin Bypass, and Ngaski-Wara in Kebbi State, which are estimated to cost around N546 billion.

The immediate past President, Muhammadu Buhari, introduced Executive Order 7, a Road Infrastructure Development and Refurbishment Tax Credit Scheme Order that will last 10 years after implementation.

However, the chairman of the Federal Inland Revenue Service, Zacch Adedeji, has faulted the scheme, saying it depletes the country of its Company Income Tax.