Tax Incentive Scheme for Road Infrastructure Development and RefurbishmentOn the 25th of January 2019, President Muhammadu Buhari, GCFR, authorized the Executive Order №007, introducing the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme (referred to as “the Scheme”). This initiative has a duration of 10 years, starting from its commencement date.
The Scheme represents a collaborative effort between the Federal Government of Nigeria (FGN) and the private sector, aiming to harness private sector resources and efficiency for the construction, renovation, and upkeep of crucial road infrastructure in strategic economic zones across Nigeria.
Participation in this Scheme is open to all Nigerian companies, either individually or in partnership with other Nigerian firms, as well as institutional investors (referred to as “Participants”). These Participants are interested in contributing to the construction or refurbishment of roads designated by the FGN as “eligible roads” under the Scheme.
Participants will be entitled to offset their future Companies Income Tax (CIT) liability by the total expenses incurred in constructing or refurbishing an eligible road, referred to as the “Project Cost.” This tax credit will remain applicable until the entire Project Cost has been recovered.
Contact Information
Lagos KPMG Tower, Bishop Aboyade Cole Street, Victoria Island Tel: +234 9068459329
Abuja 84, Kwame Nkrumah Crescent, Asokoro, Abuja, FCT. Tel: +234 9062278732
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