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

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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.

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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.

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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 Mondayended on Tuesday, setting a record for its duration in the council’s history.

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