The Federal Inland Revenue Service, NNPC limited and the ministry of Works have jointly embarked on an inspection tour of the reconstructed bida-Lapai- Lambata Road in Niger state.
The project is a fall out of the country’s infrastructure development and refurbishment investment tax credit scheme.
The long stretch of the bida-Lapai- Lambata Road in Niger state.
A project funded by the NNPC limited under the road infrastructure development and refurbishment investment tax credit scheme.
The scheme came into being following the president’s assent to executive order 007.
The cost for this road’s reconstruction as funded will be deducted by the FIRS from the NNPC’s tax obligations.
The FIRS enjoins all Nigerian companies and institutional investors interested in constructing or refurbishing roads identified by the Federal government as eligible under the road infrastructure development and refurbishment investment tax credit scheme to take advantage of it.
The road project is cheering news to the locals who will be utilising the roads as they also seek construction of other roads within the State.
The road infrastructure development and refurbishment investment tax credit scheme is a public private sector driven initiative that allows the Federal government leverage private sector capital towards the construction, refurbishment and maintenance of critical road infrastructure.
The Tax Credit Scheme for the construction of the various road projects across the Country.
The Scheme was given life through an executive order by President Muhammadu Buhari in 2016.
The Scheme is the funding platform for the Strategic Apapa-Oshodi-Oworonshoki-Ojota Road construction by the Dangote group.
The Road is divided into three phases and is nearing completion.
Other funding platforms that the Federal Government has used include the SUKUK Bond which is an interest free Islamic funding platform through the Islamic Development Fund.
Several Projects including the Ibadan-Ilesha Road, the Oyo-Ogbomosho Road, the Kano-Maiduguri road among Others have benefited from the bond.
