RateCaptain
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
Subscribe
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
RateCaptain
No Result
View All Result
Home Economy

FG Reserves NNPCL Tax Credit Road Contracts Under N20 Billion for Local Firms

Akpan Edidong by Akpan Edidong
September 10, 2025
in Economy, Energy
Reading Time: 1 min read
A A
0
NNPCL Reports Record Profit of N2.548tn, Uncovers 52 Illegal Refineries
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

The Federal Government has implemented a new policy under its “Nigeria First” initiative, restricting NNPCL Tax Credit road contracts valued below N20 billion to indigenous contractors, effectively excluding foreign firms from these projects. Works Minister David Umahi announced this decision during an inspection of the East-West Road in Rivers State on Tuesday, September 9, 2025, as part of efforts to boost local involvement in infrastructure development.

Although the Nigerian National Petroleum Company Limited (NNPCL) ceased direct funding for Tax Credit projects on August 1, 2025, leaving N3 trillion in ongoing works, President Bola Tinubu has mandated their continuation. The Ministry of Works has prioritized inherited projects along critical economic routes, adopting a strategic funding approach to ensure completion. “This policy supports our commitment to empowering local talent and resources,” Umahi stated, emphasizing that substandard work will face penalties, including referrals to anti-corruption bodies.

AlsoRead

Brent Climbs Above $90 as US-Iran Tensions Escalate

GDP Growth Accelerates to 4.43% in Q2 2026 on Stronger Agriculture and Services

Formal Remittances Reach Record $947 Million in July, Nearing CBN’s $1 Billion Target

Umahi highlighted persistent issues like unprotected binder courses that weaken road durability, vowing to enforce strict quality controls nationwide. During his visit, he praised the quality of the Eleme–Onne road project by Reynolds Construction Company (RCC) but urged faster progress, setting a firm December 15, 2025, deadline with no tolerance for delays or cost increases. Inspections also covered sections of the Enugu–Port Harcourt Expressway managed by China Civil Engineering Construction Company (CCECC) and Arab Contractors.

To address the funding shortfall, the government is exploring Public-Private Partnerships (PPP), favoring contractors with solid financial and technical credentials. This move aligns with Nigeria’s economic strides, including a 67.12% rise in capital importation to $5.64 billion in Q1 2025, though challenges like naira volatility (N1,527/$1 today) and 21.88% inflation in July persist. The policy aims to sustain infrastructure growth while fostering local expertise amid a N3 trillion project backlog.

 

Tags: NNPCL
Previous Post

Foreign Portfolio Inflows to Nigerian Stock Market Surge 354% in Three Years

Next Post

31 Nigerian States Grapple with N2.57 Trillion Domestic Debt Amid No Foreign Inflows

Related News

Morgan Stanley Raises Brent Oil Price Forecasts to $95 Per Barrel

Brent Climbs Above $90 as US-Iran Tensions Escalate

by Akpan Edidong
September 1, 2026
0

Oil prices rose more than two per cent on Monday as renewed military exchanges between the United States and Iran...

Nigeria’s GDP increased by 3.52% in the fourth quarter of 2022.

GDP Growth Accelerates to 4.43% in Q2 2026 on Stronger Agriculture and Services

by Victoria Attah
September 1, 2026
0

Nigeria’s real Gross Domestic Product expanded by 4.43 per cent year-on-year in the second quarter of 2026, up from 4.23...

China Cuts Key Interest Rates to Stimulate Growth: What Nigeria Can Learn

Formal Remittances Reach Record $947 Million in July, Nearing CBN’s $1 Billion Target

by Jide Omodele
August 31, 2026
0

Nigeria received $947 million in remittance inflows through International Money Transfer Operators in July 2026, the highest monthly figure ever...

Airtel, Glo, and 9mobile experienced a loss of 4,765 customers to MTN in Q1 2023.

Nigerians Spend Estimated N3.67 Trillion on Internet Data in First Half of 2026

by Victoria Attah
August 31, 2026
0

Nigerians spent an estimated N3.67 trillion on internet data in the first half of 2026, according to calculations based on...

Next Post
Nigeria’s Debt to China Surges by $800 Million in One Year

31 Nigerian States Grapple with N2.57 Trillion Domestic Debt Amid No Foreign Inflows

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

CBN Revokes Heritage Bank Plc’s Banking License

Heritage Bank Depositors Demand Full Refunds, Urge FG, CBN and NDIC to Act

September 1, 2026
Nigeria Plans New FX Rules, Targeting 750 Naira Exchange Rate

Official FX Turnover Drops 48.7% to $2.71 Billion in One Week

September 1, 2026

Popular Story

  • Airtel, Glo, and 9mobile experienced a loss of 4,765 customers to MTN in Q1 2023.

    Nigerians Spend Estimated N3.67 Trillion on Internet Data in First Half of 2026

    0 shares
    Share 0 Tweet 0
  • Naira Holds Near Flat in Parallel Market as Official FX Turnover Rises to $1.06 Billion

    0 shares
    Share 0 Tweet 0
  • Formal Remittances Reach Record $947 Million in July, Nearing CBN’s $1 Billion Target

    0 shares
    Share 0 Tweet 0
  • CBN Lowers 364-Day T-Bill Rate to 17.15% Despite N3.63 Trillion in Bids

    0 shares
    Share 0 Tweet 0
  • 31 Nigerian States Grapple with N2.57 Trillion Domestic Debt Amid No Foreign Inflows

    0 shares
    Share 0 Tweet 0

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
  • Manage options
  • Manage services
  • Manage {vendor_count} vendors
  • Read more about these purposes
View preferences
  • {title}
  • {title}
  • {title}
?>