BUA Cement to finance ₦120b Lokoja-Benin Road reconstruction

The Federal Executive Council (FEC) has greenlit the reconstruction of the Okpella section of the Lokoja-Benin Road and other projects amounting to ₦120 billion.

BUA Cement Plc will finance these endeavors through the tax credit scheme, it was gathered.
This decision emerged from an extensive meeting chaired by President Bola Tinubu, on Tuesday, during which 21 significant policy initiatives were unveiled.
Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, released a statement outlining the approved policies and projects.

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“On Day 2 of the FEC meeting, approval was granted for the award of contracts for the equalization of Lokoja-Benin Road, Okpela Section, Lokoja-Benin, Dualised Auchi Section -Uromi Link Road, and Lokoja-Benin Road, Ekpoma Section.

He further elaborated, “The reconstruction will be financed by BUA Cement at a cost of ₦120 Billion under the tax credit scheme.” This scheme enables private companies to fund road projects, alleviating the financial burden on the Federal Government, with these companies receiving tax credits equivalent to their expenditure on the roads.

Mr. 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 commenced on Monday, concluded on Tuesday, setting a record for its duration in the council’s history.