Refinery: Finance Minister Hails Dangote,Drums Support for Infrastructure Tax Credit Scheme
The Hon. Minister of Finance, Budget & National Planning, Mrs. Zainab Shamsuna Ahmed has called on investors to take on Public-Private Partnership (PPP) opportunities through the Federal Government Road Infrastructure Tax Credit Scheme.
The Minister made the call during a tour with Alh. Aliko Dangote of Dangote Group’s Refinery, Deep Water Jetty, Petrochemicals & Fertilizer plants and an inspection of the reconstruction of Apapa-Oshodi-Oworonshoki-Ojota road in Lagos State being carried out by the company using reinforced cement concrete on 15th of December, 2019.
It can be recalled that on the 25th of January, 2019, HE President Muhammadu Buhari GCFR, signed Executive Order #007 on the ‘Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme’ with the Hon. Minister as Chair of the Management Committee.
The scheme enables the Federal Government leverage on private sector funding for the construction or refurbishment of eligible road infrastructure projects across the country. The President approved the construction and rehabilitation of 19 roads & bridges of 794.4km across 11 States.
Participants like Dangote, finance these projects through the utilization of tax expenditures, refundable by way of tax credits approved by the Minister and issued by the Federal Inland Revenue Service (FIRS). Dangote Cement PLC received Tax Credit Certificates alongside NLNG during the 1st batch that was issued by FIRS in October, 2019.
During the tour by the Minister in Lagos, Dangote presented their investment and expansion masterplan and appreciated the Minister and the Buhari administration for incentivizing investment in Nigeria.
The Minister reiterated the importance of investment in Nigerian industries and partnerships with government towards supporting the economy, exports, infrastructure development, job creation, entrepreneurial & skill acquisition and foreign exchange reserves.
She affirmed the Federal Governments commitment towards making Nigeria investment friendly for investors while ensuring the growth and development of locally owned businesses.
She emphasized on the need for good quality infrastructure after being informed that reinforced concrete roads like the one inspected could last up to 100 years.