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BUSINESS

BUA Cement to Fund N120bn Lokoja-Benin Road Reconstruction

May 15, 2024 • 2 min read

15th May 2024

The Federal Executive Council has given the green light for the equalisation of the Okpella section of the Lokoja-Benin road and other projects totalling N120 billion.

The funding for these projects will be provided by BUA Cement Plc under the tax credit scheme.

This decision was reached during a lengthy meeting chaired by President Bola Tinubu on Tuesday, during which 21 significant policy initiatives were unveiled.

The approved policies and projects were contained in a statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, 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, Okpela Section, Lokoja-Benin, Dualised Auchi Section -Uromi Link Road and Lokoja-Benin Road, Ekpoma Section.

“It was on this road that a fuel tanker fell into high water recently, with villagers having to swim to rescue the occupants of the tanker. The reconstruction will be financed by BUA Cement at a cost of N120 Billion under the tax credit scheme.”

The tax credit scheme enables private companies to fund road projects, alleviating the financial burden on the Federal Government.

In exchange, these companies receive tax credits equivalent to their expenditure on the roads.

Onanuga also revealed the approval of contracts for various road projects nationwide, including the Kaima-Tesse road in Kwara State, the Benin-Agbor road, the Benin Bypass, and the Ngaski-Wara road in Kebbi State.

These projects are anticipated to amount to approximately N546bn.

A contract worth N230 billion was sanctioned for Messrs CCECC to construct a bypass in Kano.

The project is slated for completion within the next 36 months.

The FEC meeting, which commenced on Monday, concluded on Tuesday, marking an unprecedented duration in the history of the council.

Following extensive deliberations, the council sanctioned several policies and projects aimed at bolstering the economy, encouraging investments, and enhancing the ease of doing business in the country.