President Muhammadu Buhari on Friday signed Executive Order 007 at the Presidential Villa in Abuja.

It is known as “Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme.”

It permits private companies to fund the contraction of major roads in the country, while they are repaid in form of tax credit.

Buhari, at the occasion, lamented inability of the Federal Government to invest in critical infrastructures due to paucity of funds.

But he said the 100 billion naira Sukuk fund has been successfully deployed to the construction of 25 critical roads.

He said that 19 roads are to be undertaken by the six firms who are expected to recover their costs through tax rebates.

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The President appealed to investors to submit proposals for the roads to enable government cover the entire 36 states.

Buhari announced the federal government has set up a management Committee headed by the Minister of Finance, Zainab Ahmed with Minister of Power, Works and Housing, Babatunde Fashola as Vice Chairman.

He charged the Minister of Finance to promptly inaugurate the management committee so that they can begin to discharge their duties in a transparent way.

Among the states to benefit from the initial projects include Borno, Kaduna, Benue, Kogi, Abia, Ogun, Lagos, Rivers and Edo states.

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