Dave Umahi
Olayiwola Mercy
The Nigerian National Petroleum Company Limited (NNPCL) has stopped funding its tax credit road projects across the country, according to Minister of Works, Dave Umahi. This decision was announced during an inspection visit to the ongoing dualization of the East-West Road in Rivers State. Umahi stated that despite the cessation of funding by NNPCL, President Bola Ahmed Tinubu has directed the ministry to complete all inherited projects from the NNPCL tax credit scheme.
The minister explained that the Ministry of Works has compiled a list of all NNPCL-inherited tax credit projects and presented them to President Tinubu, who has instructed that work on these projects should not be halted. Instead, the ministry will prioritize these projects, concentrating on the most critical ones that impact the national economy. According to Umahi, contracts valued at less than N20 billion for Federal Government-funded projects will be awarded to local contractors, aligning with Nigeria’s local content policy.
The federal government intends to prioritize significant aspects of the NNPCL tax credit projects across the country, with a focus on critical projects within the national economic corridor. The government requires approximately N3 trillion to complete the ongoing road projects previously funded under the NNPCL tax credit scheme. President Tinubu has directed the Ministry of Works to explore alternative financing models to ensure no critical infrastructure project is left unfinished.
Umahi emphasized the importance of completing these projects, stating that the government aims to ensure essential infrastructure development continues, supporting the country’s economic growth and development. The Ministry of Works will prioritize projects that are vital to national economic development and ensure that contractors maintain strict quality standards, warning against cutting corners, as the government will enforce rigorous quality control to guarantee Nigerians get value for money.
