Federal Government To Earn N11.5trn From Nine Roads In 25 years.

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The Federal Government will earn a total of N11.54tn in revenue from the concession of nine road corridors in 25 years.

This was disclosed in a statement signed by the Ag. Head, Media and Publicity, Infrastructure Concession Regulatory Commission, Manji Yarling, on Thursday.

The statement revealed that the road project which will be tolled as part of the public-private partnership model was approved by the Federal Executive Council on Wednesday.

It added that the highway development project originally targeted 12 roads, however, three corridors and one route had yet to reach the FEC approval stage.

The statement read partly, “The Federal Executive Council on Wednesday, approved the construction and maintenance of nine road corridors under the Highway Development and Management Initiative under the regulatory guidance of the Infrastructure Concession Regulatory Commission.

“The projects aim to ensure the management and development of the Nigerian Federal Road Network with the ultimate aim of achieving adequate highway services across the entire network through construction, rehabilitation and management of the road pavement in line with the Federal Government economic reform agenda and global best practices.

“Some key objectives of the projects include: leveraging private sector investment to improve facilities and operations on the selected routes, infrastructural development using a commercial approach that bridges funding gaps, maximize the revenue-generating potential of the routes and achieve equity in road charges as overloaded and heavy vehicles which cause more wear and tear on roads can be charged a higher fare.”

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