The ECFIRS Zacch Adedeji PhD, has met with the Minister of Works, Engr. David Umahi and NNPCL CFO, Umar I Ajiya in a closed door meeting on 16th February, 2024 in Abuja.
The purpose of the meeting was to discuss the Tax credit agreement issued by the previous administration.
The ECFIRS had previously stated that whilst the Tax credit project is important, the method with which the Tax credits were issued was an aberration to the roles of the FIRS, NNPCL and Ministry of Works.
Key highlights from the meeting:
The Tax Credit Scheme will go ahead according to the directive of President Bola Ahmed Tinubu.
All NNPCL road infrastructure projects that have started should not be expanded but continue to the amount of N2.59 trillion.
All non performing contracts should be terminated immediately and re awarded immediately. Contractors are warned that the project will not be executed as they are presently done.
A memo agreed upon by the three organizations shall be written and sent to President Bola Ahmed Tinubu for the N2.73 trillion funding gap on the road infrastructure project and channeled through the National Assembly for approval.
In the review process, the going rate for contracts shall be agreed upon by the Contractors or otherwise have their contracts subject to termination.
The FIRS, NNPCL and the Ministry of Works agreed that it is important there is synergy amongst agencies and organizations to enable the fulfillment of the mandate of each organization, agency, ministry and overall key into the mandate of the present administration of President Bola Ahmed Tinubu.
