BUA Cement Set To Fund ₦120 Billion Lokoja-Benin Road Reconstruction

The Federal Executive Council has approved the equalization of the Okpella section of the Lokoja-Benin road and other projects totaling ₦120 billion.

Naija News understands that BUA Cement Plc will fund these projects under the tax credit scheme.

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

The Special Adviser to the President on Information and Strategy, Bayo Onanuga, issued a statement on Tuesday outlining the approved policies and projects.

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 ₦120 Billion under the tax credit scheme.”

The tax credit scheme allows private companies to finance road projects, reducing the financial burden on the Federal Government.

These companies receive tax credits equivalent to their expenditure on the roads in exchange.

Onanuga also disclosed 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.

The FEC meeting, which began on Monday, ended on Tuesday, setting a record for its duration in the council’s history.