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NNPC Unveils Plans To Utilize Tax Credit Scheme For Road Projects

The Nigerian National Petroleum Corporation (NNPC) Group Managing Director, Mallam Mele Kyari, has hinted of plans by the corporation to rebuild key roads used in the transportation of petroleum products under the Federal Government’s Tax Credit Scheme.

Established under FG’s Executive Order 7 of 2019, the Road Trust Fund Policy/Tax Credit Scheme gives private sector operators an opportunity to fund critical public infrastructure by utilizing their tax dues for such projects.

The NNPC’s Group General Manager Group Public Affairs Division, Mr. Garba Deen Muhammad, in a statement on Wednesday quoted Kyari  as making this disclosure during a meeting with downstream stakeholders in Abuja.

The GMD explained that stakeholders had agreed on a framework for NNPC’s intervention in critical road rehabilitation through the Federal Government Tax Credit Scheme.

He clarified:  “We are committed to utilising the Federal Government’s Tax Credit Scheme to rebuild some of the affected roads in line with Mr. President’s Executive Order 7.

“Upon our fruitful deliberations today, the NNPC has pledged to support the PTD and NARTO in carrying out quick intervention fixes on some strategic bad spots identified to enable unhindered movement of trucks for transportation of petroleum products nationwide”, he added.

According to him, the stakeholders also agreed to enforce mandatory installation of safety valves in all petroleum product trucks in the country effective February 1, 2022 with full commitment given by NARTO.

Kyari also said attendees at the meeting also frowned at the abuse of axle load or tonnage limits, with the corporation agreeing to engage the Nigeria Customs Service (NCS) for enforcement of law preventing the importation of tanks that exceed 45,000 litres capacity.

The NNPC boss further stated that  the meeting was a follow-up to corporation’s efforts geared towards sustaining the current smooth supply and distribution of petroleum products nationwide within the festive period and beyond.

The meeting was attended by the NNPC, the Petroleum Tanker Drivers (PTD), Department of Petroleum Resources (DPR), Federal Ministry of Works, Federal Inland Revenue Service (FIRS), Department of State Services (DSS), Federal Road Safety Corps (FRSC), the National Association of Road Transport Owners (NARTO), and Nigeria Union of Petroleum & Natural Gas Workers (NUPENG).

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