3. FINANCING INFRASTRUCTURE
January 25, 2019: President Buhari signed Executive Order 007 of 2019: The Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme.
Through this Scheme, companies that are willing and able to spend their own funds on constructing roads to their factories or farms, will recover their construction costs by paying reduced taxes, over a period of time.
In the first phase, 19 Eligible Road Projects are to be undertaken by 6 leading manufacturing and construction firms, in 11 States, and in each of Nigeria’s six geo-political zones, as follows:
Dangote Industries Limited; Lafarge Africa Plc; Unilever Nigeria Plc; Flour Mills of Nigeria Plc; Nigeria LNG Limited; and China Road and Bridge Corporation Nigeria Limited.
a) Construction of Ashaka-Bajoga Highway in Gombe State;
b) Reconstruction of Dikwa-Gambaru-Ngala Road in Borno State;
c) Reconstruction of Bama-Banki Road in Borno State;
d) Rehabilitation of Sharada Road in Kano State;
e) Rehabilitation of Nnamdi Azikiwe Expressway / Bypass, in Kaduna State;
f) Reconstruction of Birnin Gwari Expressway – Road in Kaduna State;
g) Reconstruction of Birnin Gwari – Dansadau Road in Kaduna State;
h) Reconstruction of Makurdi-Yandev-Gboko Road in Benue State;
i) Reconstruction of Zone Roundabout-House of Assembly Road in Benue State;
j) Reconstruction of Obajana-Kabba Road in Kogi State;
k) Reconstruction of Ekuku-Idoma-Obehira Road in Kogi State;
l) Construction of Adavi-Eba-Ikuehi-Obeiba-Obokore Road in Kogi State;
m) Rehabilitation of Lokoja-Ganaja Road in Kogi State;
n) Ofeme Community Road Network and Bridges in Abia State;
o) Rehabilitation of Obele-Ilaro-Papalanto-Shagamu Road in Ogun State;
p) Reconstruction of Sokoto Road in Ogun State;
q) Reconstruction of Apapa-Oshodi-Oworonshoki-Ojota Road in Lagos State;
r) Construction of Bodo-Bonny Road & Bridges across Opobo Channel in Rivers State; and
s) Rehabilitation of Benin City – Asaba Road in Edo State.
President Buhari: “I call on other local and international investors, as well as the State Governments, to embrace this roads infrastructure development Scheme. I personally invite you to submit viable proposals for more road projects, such that, in time, the scope of this initiative will cover all 36 States of the Federation.”