By Uzor Odigbo
The Minister of Works, Power and Housing, Mr. Babatunde Fashola, has said that Flour Mills of Nigeria Plc would construct the Atan-Agbara road, while Dangote Group was doing sme under the Road Infrastructure Tax Credit (RITC) scheme.
The minister disclosed this in his address on The Platform, a virtual event organised on Thursday to celebrate the country’s 60th Independence Anniversary.
Recall that President Muhammadu Buhari, in January 2019, signed Executive Order 7 (the “Companies Income Tax Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme) to attract Public Private Partnership (PPP) financing for road construction across the country.
Fashola explained that the RITC scheme grants income tax credit to organisations and individuals that provide funding for the refurbishment and rehabilitation of roads. Fashola further disclosed that Dangote Group was investing about N77 billion, which it would have spent on tax, on constructing the Apapa-Oworonshoki road.
