The Buhari Media Organisation (BMO) has applauded the Federal Government’s initiative to rehabilitate over 3000 kilometres of roads through the Road Infrastructure Tax Credit Scheme (RITCS).
According to the group in a statement signed by its Chairman Niyi Akinsiju and Secretary Cassidy Madueke, “this is an initiative that will see many big companies in Nigeria embarking on the reconstruction of major Federal roads in exchange for relief on their yearly income tax.
“Some of the companies are Dangote, Unilever, MTN, Julius Berger, Transcorp, Unilever, Bua, GZI and Access Bank”.
BMO recalled that the President Muhammadu Buhari administration had, in its determination to address the dilapidated state of some federal roads in the country, signed Executive Order 7 in 2019.
The main objective of the RITCS, according to the federal government, ‘’ is to accelerate road infrastructure development for balanced economic growth in Nigeria by granting approval to private sector entities to construct and refurbish roads across the country in exchange for tax credits, which could then be applied against income tax payable’’.
“In line with the desire of the President Buhari administration to stimulate the economy through the provision of critical infrastructure, the Federal Executive Council on 27th October 2021 approved the reconstruction of some strategic roads across the six geo-political zones of the country.
“In total, about 1804 kilometres roads costing about N621 Billion will be constructed by the Nigerian National Petroleum Corporation, NNPC. There are 21 roads; two in the South East, nine in the North Central, three in South-South, two in the North West, two in the South West and three in the North East.
“This move is also in line with similar ventures being carried out already by Dangote and MTN on some selected roads in the country.
“This initiative is being realised based on the transparency and functionality which the administration of President Muhammadu Buhari has brought to bear in the management of the country’s affairs, especially in tax management.
“With this initiative, Nigerians can see for themselves how the country’s tax revenues are being utilised for the general good.
“It is also in line with the President’s pro-people approach to governance, as he has made it a policy that Federal Government projects must impact on the people positively especially with the creation of jobs for the unemployed”.
BMO also noted that despite the fact that the policy was enunciated under the former administration, it was truncated due to a lack of political will until President Buhari came into office.
“Also the Buhari administration has continually made the welfare of the generality of the masses its focal point, hence pecuniary interests have taken the back seat, as the President abhors corruption.
“As a group, we commend the President Buhari administration for displaying an uncommon political will in taking this initiative which has the potentials to reduce the pains Nigerians experience on the bad Federal highways and which have been left dilapidated over so many years.