The telecommunications giant MTN has received approval from the Federal Executive Council (FEC) to acquire construction of the Enugu-Onitsha Expressway for more than N203 billion.
This was stated by Babatunde Fashola, Minister of Works and Housing, to State House correspondents on Wednesday, shortly after the council meeting this week, which was presided over by President Muhammadu Buhari at the Presidential Villa in Abuja.
The road construction, according to the minister, is covered by the road infrastructure tax credit scheme, and President Trump signed Executive Order 7 in January 2019.
Fashola said that the telecom giant would be able to finish dualizing the 110-kilometer road after the takeover.
He added that the Umuchi-Ususu-Umueme Road in Abia State was approved by the FEC for construction by GZ Industries for N4.2 billion under the same scheme.
He stated, “Two memoranda were presented by the Ministry of Works and Housing, and the majority of them are based on the PPP.The road infrastructure tax credit scheme was specifically approved by President Buhari on January 25, 2019, specifically to allow the private sector to invest tax liabilities in advance in infrastructure. This policy has assisted us in financing roads like the Obajana to Kaba, Apapa-Oshodi, Oshoki-Ojota Expressway, and the Bodo-Bonni expressway in Port Harcourt, which covers about 1000 kilometers and 21 roads under the NNPC investment.As a result, that policy has a more favorable public image.We have two more today.
MTN Nigeria Plc’s proposal to take over and complete the Enugu-Onitsha Expressway was the first to be approved.This 110-kilometer dual-use road is currently under construction.Therefore, you have 110 kilometers divided by 2.
According to Fashola, the outstanding work totaled more than 91 kilometers on both sides.The minister explained that while the road’s Onitsha section needed more work, the road’s Enugu-bound section was nearly finished.
The minister mentioned that the policy would make it possible for MTN to receive consistent and ongoing funding to complete the project.
He continued:The second memo was also related to the Tax Credit Scheme. While the first one was about the road that connects Enugu and Anambra states, this one is about a road in Abuja.
The road in Abia is now known as Umuchi-Ususu-Umueme GZ Industries Road.GZ Industries is the business that will benefit from the approval for the private sector.Aluminium cans for bottled beverages are manufactured by GZ Industries.They have a factory in Agbara, which is in Ogun State, and another one in Abia, which is also in this region.Thus, it is a connecting road to their factory.
The sum of N4,205,454,855,26 was approved.It is a 3.7-kilometer road.Therefore, it is a road leading to their Industry Council, which approved both memos.
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