• About
  • Advertise With Us
  • Home
  • Privacy Policy
Tuesday, September 26, 2023
  • Login
Jungle Journalist Media Limited
  • NEWS
  • POLITICS
  • ECONOMY & BUSINESS
  • GAMES & SPORTS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH & FOOD
  • NIGER DELTA
  • SECURITY / MILITARY
No Result
View All Result
  • NEWS
  • POLITICS
  • ECONOMY & BUSINESS
  • GAMES & SPORTS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH & FOOD
  • NIGER DELTA
  • SECURITY / MILITARY
No Result
View All Result
Jungle Journalist Media Limited
No Result
View All Result
  • NEWS
  • POLITICS
  • ECONOMY & BUSINESS
  • GAMES & SPORTS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH & FOOD
  • NIGER DELTA
  • SECURITY / MILITARY

Home » BUILDING & PROPERTIES » FEC approves MTN’s takeover of N202bn Enugu-Onitsha road construction

FEC approves MTN’s takeover of N202bn Enugu-Onitsha road construction

by Jungle Journalist
October 12, 2022
15
SHARES
147
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

The federal executive council (FEC) has approved the takeover of the construction work on the Enugu-Onitsha expressway by MTN Nigeria at about N202.8 billion, under the road infrastructure tax credit (RITC) scheme.

Babatunde Fashola, minister of works and housing, said this on Wednesday while speaking with journalists after the council’s meeting, presided over by President Muhammadu Buhari.

He said the approval was in line with the executive order 7 signed by Buhari in January 2019.

“In 2019, January 25, specifically, you might recall that President Buhari approved executive order 7, which was the road infrastructure tax credit scheme, to allow the private sector to invest tax liabilities in advance in infrastructure, and that policy has helped us to finance roads like or by Obajana to Kaba, Apapa-Oshodi, Oshoki-Ojota Expressway, the Bodo-Bonni expressway in Port Harcourt, about a 1000 kilometres covering 21 roads under the NNPC investment. So, there is increased optic for that policy. So, today we have two more,” he said.

He said the telecoms giant will complete the dualisation of the 110-kilometre road.

The RITC scheme grants income tax credit to companies and individuals that provide funding for the refurbishment and rehabilitation of roads.

The scheme is a public-private partnership (PPP) intervention that enables the Nigerian government to leverage private sector capital and efficiency for the construction, repair, and maintenance of critical road infrastructure in key economic areas in Nigeria.

Participants will be entitled to utilise the total cost (project cost), incurred in the construction or refurbishment of an eligible road as a tax credit against their future Companies Income Tax (CIT) liability, until full cost recovery is achieved.

In August 2021, MTN announced plans to reconstruct the Enugu-Onitsha expressway, under the RITC.

A year later, the Federal Inland Revenue Service (FIRS) said it issued a N37.28 billion tax credit certificate to Nigeria Liquefied Natural Gas (NLNG) Limited for the construction of the Bonny-Bodo road in Rivers state.

Meanwhile, the FEC also approved the award of contract by the Police Trust Fund for the supply of vehicles as well as insurance cover for several other vehicles at a total cost of N4.54 billion.

The vehicles consist of eight Land Cruisers, eight Toyota Prado, 2021 model and 44 Toyota Camry.

The vehicles intended for tactical operations are at a total cost of N4.5 billion.

ReadAlso

No Content Available
Tags: Babatunde FasholaEnugu-Onitsha road constructionN202bn
Share6Tweet4Send
Previous Post

IPOB: Kanu’s judgement is Thursday (today) – Barr Ejiofor

Next Post

2023: Details Of Tinubu’s Meeting With APC Govs, PCC, NWC Emerges

You MayAlso Like

NATIONAL

FG declares Wednesday (Sept. 27) public holiday

September 26, 2023
BUILDING & PROPERTIES

Why cement price will hit N9,000 soon – Manufacturers

September 26, 2023
BIZARRE

Machina Emirate: Where Snakes Pay Homage To King

September 26, 2023
ECONOMY & BUSINESS

FG backs dredging of Oguta/Orashi River

September 26, 2023
NATIONAL

Anglican Bishops make u-turn, pledge support for Otti administration

September 26, 2023
INTERNATIONAL / DIASPORA

Russia Puts ICC President On Wanted List

September 26, 2023
Next Post

2023: Details Of Tinubu's Meeting With APC Govs, PCC, NWC Emerges

Discussion about this post

Recent Posts

  • FG declares Wednesday (Sept. 27) public holiday
  • Why cement price will hit N9,000 soon – Manufacturers
  • Machina Emirate: Where Snakes Pay Homage To King
  • FG backs dredging of Oguta/Orashi River
  • Anglican Bishops make u-turn, pledge support for Otti administration
ADVERTISEMENT

Recent Comments

  • Ogbuenyi Sunday on Anambra police arrest river-bathing prophet ‘Onye Eze Jesus’
  • Stephen CE on List of international stars who have joined #EndSARS/#EndSWAT and what they said

Trending

BREAKING: Enugu Governorship Tribunal Dismisses Chijioke Edeoga’s Petitions Against Peter Mbah 

FEC approves MTN’s takeover of N202bn Enugu-Onitsha road construction

More Troubles For Tansian University As Turkey Contractor Says School Duped Him Of ₦430m

Breaking: Chijioke Edeoga congratulates Gov Mbah after Tribunal defeat

ADVERTISEMENT

We didn’t ask lawyer to breach Consent Judgment between Tansian University and Chief Ezeonwuka Tansian Varsity owners 

Enugu APC youth wing agog as top activist Odogwu Na Nkanu joins with thousands of youths 

SEE VIDEO: Ikorodu Boys Allegedly Burn Down Naira Marley’s House Over Mohbad’s Death

ENUGU: Comm For Lands Inaugurates Committee On Illegal Structures, Open Spaces, Unmonetized Properties/Houses 

Why I will sustain my beard, dreadlocks, earrings as head of church — Pastor Jimmy Odukoya

Protesters hit the streets in 3 states over Mohbad’s death

    ADVERTISEMENT

    Popular Stories

    • BREAKING: Gunmen Take Over Onitsha-Owerri Road, Set Over 10 Vehicles, Goods Worth Billions Ablaze

      2735 shares
      Share 1094 Tweet 684
    • JUST IN: CBN Governor, Godwin Emefiele sacked

      1809 shares
      Share 724 Tweet 452
    • BREAKING: Finland police arrests Simon Ekpa 

      1000 shares
      Share 400 Tweet 250
    • BREAKING: IReV Portal Shows Labour Party Won 19 States Plus FCT, PDP 8, APC 7, NNPP 2 States—Baba-Ahmed

      643 shares
      Share 257 Tweet 161
    • NEWS FLASH: Peter Mbah of PDP cruising to victory, wins 14 LGAs in Enugu guber polls 

      530 shares
      Share 212 Tweet 133
    • JUST IN: Daughter of Benin billionaire/CEO of Uyi Technical commits suicide

      482 shares
      Share 193 Tweet 121

    ABOUT US

    Jungle Journalist Media Limited

    Jungle Journalist Media Limited

    Jungle Journalist is an online news and information resource centre dedicated to accurate and timely news reports.

    Read More >>

    CONNECT WITH US

    SECTIONS

    • AGRICULTURE
    • BIZARRE
    • BREAKING
    • BUILDING & PROPERTIES
    • COLUMNIST
    • COMMUNITY REPORTS
    • ECONOMY & BUSINESS
    • EDUCATION
    • ELECTRICITY
    • ENTERTAINMENT
    • GAMES & SPORTS
    • HEALTH & FOOD
    • HOLIDAYS
    • INDIGENOUS REPORTS
    • INTERNATIONAL / DIASPORA
    • LAW & HUMAN RIGHTS
    • LEGISLATION
    • MEDIA INDUSTRY
    • MONEY & BANKING
    • NATIONAL
    • NEWS
    • NIGER DELTA
    • NORTH
    • OBITUARY
    • OIL & GAS
    • OPINION
    • PHOTOS / VIDEOS
    • POLICE / CRIME
    • POLITICS
    • RELIGION & WORSHIP
    • SCIENCE / TECHNOLOGY
    • SECURITY / MILITARY
    • SOCIAL MEDIA
    • SOUTH-EAST
    • SOUTH-SOUTH
    • SOUTH-WEST
    • TRADITION & CULTURE
    • TRANSPORT & AVIATION
    • WOMEN & CHILDREN
    • YOUTH
    No Result
    View All Result

    NEWS SOURCES

  • Punch
  • Nigerian Tribune
  • The Nation
  • Thisday
  • DailyTrust
  • The Sun
  • Daily Independent
  • PM News
  • Vanguard
  • Premium Times
  • Sahara Reporters
  • The Guardian
  • Leadership
  • Daily Times Of Nigeria
    • About
    • Advertise With Us
    • Privacy Policy

    © 2021 Jungle Journalist Media Limited - Web Designed by AfeesHost.

    No Result
    View All Result
    • NEWS
    • POLITICS
    • ECONOMY & BUSINESS
    • GAMES & SPORTS
    • EDUCATION
    • ENTERTAINMENT
    • HEALTH & FOOD
    • NIGER DELTA
    • SECURITY / MILITARY

    © 2021 Jungle Journalist Media Limited - Web Designed by AfeesHost.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In