FG okays MTN’s N202.8 billion tax credit to complete Enugu-Onitsha Expressway
The Federal Executive Council (FEC) has endorsed the completion of the ongoing Enugu-Onitsha expressway by MTN Nigeria at the cost of N202.8 billion via the tax credit scheme of the federal government.
Minister of Works and Housing, Babatunde Fashola, disclosed this while briefing journalists on the outcome of the council meeting.
The meeting was presided over by President Muhammadu Buhari at the Council Chamber of the Presidential Villa Abuja on Wednesday.
“Today, we have two more. So, the first that was approved today was the one by MTN Nigeria PLC, the telecommunication company, to take over and complete the ongoing Enugu-Onitsha expressway. That road is 110km, which is being dualised,” announced Mr Fashola. “So, you have 110km times two. The outstanding works aggregate to about 91 point-something kilometres on both sides if you accumulate it for those who use the road.”
The minister added that the Enugu-bound section “has been largely completed, but there’s a lot of work to be done on the Onitsha section.”
According to him, the policy will allow a steady and sustained stream of funding to completion by MTN and the amount approved is N202,887,436,672,11 billion to complete the outstanding works of an aggregate of 91.9km on both sides.
The minister also disclosed that the council approved the reconstruction of Umuchi-Ususu-Umueme GZ Industries Road in Abia by a company known as GZ Industries at the cost of N4.2 billion through a similar tax credit scheme.
“The second memo also was under the tax credit scheme, and while the first one was related to the road linking Anambra and Enugu states, this one is with respect to a road in Abia. Now the road is called Umuchi-Ususu-Umueme GZ Industries Road in Abia,” Mr Fashola further stated.
The minister also explained that the private sector beneficiary of the approval is GZ Industries.
“GZ Industries manufactures aluminium cans for bottling drinks. They have a factory in Agbara in Ogun, and they have another one in Abia in this area. So, it’s a link road to their factory,” said Mr Fashola. “The approval was for N4.205,454,855 billion. The road is a 3.7km road. So it’s an access road to their industry. Council approved both memoranda.”
(NAN)
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