Flour Mills to Build Atan-Agbara Road in Exchange for Tax Credit
Minister of Works, Power and Housing, Babatunde Fashola says Flour Mills of Nigeria Plc will construct the Atan-Agbara road, under the road infrastructure task credit (RITC) scheme.
The minister disclosed this while speaking on The Platform, a virtual event held to commemorate Nigeria’s diamond jubilee, on Thursday. The RITC scheme grants income tax credit to companies and individuals that provide funding for the refurbishment and rehabilitation of roads.
He said the Dangote Group is spending about N77 billion which it would have spent on tax, on constructing the Apapa-Oworonshoki road. “The policy, as you rightly put it, allows companies and even individuals expend what would have been their tax ahead,” he said.
“If you don’t make a profit as a company, you are not taxable. And therefore, the amount of traction you will see is a function of the turnover, the profits and taxable income that company or that individual can expend.”
Fashola said significant developments have been made in constructing roads in Lagos, Kabba and Bonny Island under the scheme. However, he said he was of the acceptance of the idea if it would bring more investors into the construction industry.
The minister said significant developments have been made in constructing roads in Lagos, Kabba and Bonny Island. President Muhammadu Buhari, in January 2019, signed Executive Order 7 (the “Companies Income Tax Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme) aimed at attracting PPP financing for road construction across Nigeria.
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