Home Environment NNPCL’s N621 Tax Credit Scheme, Sukuk Fund To Improve Road Projects Funding

NNPCL’s N621 Tax Credit Scheme, Sukuk Fund To Improve Road Projects Funding

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Naomi Gabriel —

The Nigerian Minister of Works and Housing, Babatunde Fashola (SAN) during an inspection of rehabilitation of major road projects in Oyo and Osun states, last weekend assured that with the N621 tax credit scheme made available by the Nigerian National Petroleum Company (NNPCL), as well as the Sukuk fund, challenges of funding of roads projects will be mitigated in 2023.

This was revealed in a statement by the Director of Press in the ministry, Blessing Lere-Adams.

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The scheme is an initiative that allows the private sector to get involved in road construction in exchange for a tax credit.

The statement said the NNPCL is financing the programme through the road infrastructure tax credit scheme in collaboration with the federal ministry of works and housing and the Federal Inland Revenue Service (FIRS).

Fashola also promised a local contractor handling one of the roads, Messrs HMF Construction Ltd that when the 2023 budget and 2022 Sukuk are being considered, the government would be able to accommodate the N4 billion needed to complete the remaining part of the construction work on the road.

He further urged Messrs Kopek Construction Company, the contractor handling reconstruction works on the Ibadan –Ife-Ilesha Dual Carriageway in Oyo/Osun states to make some sections of  the road ‘motorable’ during the ember months.

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