Infrastructure tax credit scheme to boost economy — CITN

The Chartered Institute of Taxation of Nigeria (CITN) yesterday commended the approval given by the Federal Executive Council (FEC) to the Nigerian National Petroleum Corporation (NNPC) for the construction/refurbishment of 21 roads under the Road Infrastructure Tax Credit Scheme. President Muhammadu Buhari signed the Executive Order 007 on January 25, 2019, paving the way for […]

The Chartered Institute of Taxation of Nigeria (CITN) yesterday commended the approval given by the Federal Executive Council (FEC) to the Nigerian National Petroleum Corporation (NNPC) for the construction/refurbishment of 21 roads under the Road Infrastructure Tax Credit Scheme.

President Muhammadu Buhari signed the Executive Order 007 on January 25, 2019, paving the way for Public-Private Partnership to enhance road infrastructure.

CITN in a statement by its Registrar/Chief Executive, Adefisayo Awogbade, said the scheme, if properly implemented, will douse the tension generated by the October 2021 strike threat by tanker drivers and oil workers due to the deplorable state of the designated roads, which have caused many accidents involving petroleum tankers.

He said the undertaking by NNPC Limited to construct/refurbish 21 roads under the scheme, “is a laudable step as it is obvious that the federal government, through the Ministry of Works, has no budget proposal to rehabilitate these affected roads.”

It encouraged other large companies apart from Dangote, NLNG and a couple of others that have indicated interest in participating in the scheme, to embrace the initiative saying, it will lead to strong infrastructural and economic development.

The institute also charged the parties involved to strictly follow the rules and ensure that the works are of international standard to justify the federal government tax-for-road development innovation.