ROAD CONSTRUCTION: Nigerian govt offers investors tax incentives

The Nigerian Government on Tuesday wooed investors into road construction in the country.

The government said it would grant tax incentives to private companies willing to fund the construction of major road projects in the six geopolitical zones of the country.

This was disclosed by the Minister of Finance, Mrs Zainab Ahmed on Tuesday at the Public Presentation of the Approved 2019 Budget in Abuja.

While speaking on some of the government’s Public-Private Partnership initiatives, Ahmed said any company which funds road construction will get tax credit or reduction equal to the amount invested in the projects.

“The current government has undertaken several initiatives to partner with the public.

“One of them is the Road Infrastructure Tax Credit Scheme, where if any private sector builds any road with their own resources, they can recover the investment made through a tax credit.

“Also, the federal government is automating the process of acquiring waivers or import duties. Right now, the process is extremely cumbersome and has proven to be a drain on our resources.

“We have just advanced process for the project and we believe that once it’s automated, the process will be more transparent and efficient,’’ she said.

She added that the Federal Government had introduced the Strategic Revenue Growth Initiative for sustainable revenue generation in all sectors of the economy.

This, according to her, seeks to improve monitoring collections by all revenue generating agencies.

By Babatunde Alao…

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