The Federal Executive Council (FEC) today approved the speedy completion of the 52km Oyo-Ogbomoso Road under the Federal Government Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme.
It will be recalled that earlier in 2020, the sum of N5bn Sukuk bond funds was approved for the Road while today’s approval for the completion of the project will be funded from the NNPC tax credit policy. The newly approved project covers Section II, Oyo State (Oyo- Ogbomoso) with contract sum to the tune of N66,870,912,645.98.
The approval by FEC covers FG’s investment in the reconstruction of 21 selected on-going roads under the infrastructure and Refurbishing Investment Tax Credit Policy in favour of the NNPC. A total of 1, 804.60km of roads is expected to be reconstructed under the scheme in the six geo-political zones.
The Minister of Youth and Sports Development, Sunday Dare expressed gratitude to President Muhammadu Buhari, the Works and Housing Minister, Babatunde Fashola and the NNPC, stating that the project on completion will bring succour to his people.
“This will be recorded as one of government’s greatest investments in road rehabilitation. President Buhari’s commitment to road construction across the country remains unprecedented. The Oyo-Ogbomoso road is vital to easing the pains of commuters along that route, especially youth and students and its completion will positively impact the socio-economic lives of the people”, the Minister added.