MTN Nigeria has announced plans to reconstruct the Enugu-Onitsha expressway, under the road infrastructure task credit (RITC) scheme.
Karl Toriola, CEO of MTN Nigeria made this known in the company’s unaudited results for the half-year ended June 30, 2021, published on the Nigerian Exchange (NGX).
The RITC scheme grants income tax credit to companies and individuals that provide funding for the refurbishment and rehabilitation of roads.
The scheme is a public-private partnership (PPP) intervention that enables the Nigerian government to leverage private sector capital and efficiency for the construction, repair, and maintenance of critical road infrastructure in key economic areas in Nigeria.
Participants will be entitled to utilize the total cost (Project Cost), incurred in the construction or refurbishment of an eligible road as a tax credit against their future Companies Income Tax (CIT) liability until full cost recovery is achieved.
In April, the federal government awarded Dangote Cement with tax credit certificates valued at N22.32 billion for the construction of Apapa-Oworonshoki-Ojota road in Lagos and the Lokoja-Obajana-Kabba road connecting Kogi and Kwara states.
Toriola said the federal government and the telecommunications company have commenced discussions about the road project.
Toriola further revealed that MTN Nigeria will invest N640 billion over the next three years to expand broadband access across the country, in line with the federal government’s 2020-2025 national broadband plan.
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