Following its claims of huge reduction in its revenues from the oil industry, and the resultant paucity of funds to conveniently carry on with its infrastructure development plans, the federal government tuesday said it would now begin to look towards tax recovery funding schemes to build and reconstruct roads in the country.
The Minister of Power, Works, and Housing, Mr. Babatunde Fashola, disclosed this during a progress report meeting in Abuja with contractors handling major road projects for the government.
Fashola said the government would as a new push to revive Nigeria’s infrastructure, offer companies operating within tax reliefs to allow them undertake key road projects in the country.
He explained that companies with the capacity and willingness to reconstruct existing or build new roads in the country would be encouraged by the government to go ahead, and subsequently claim tax relief as recompense for their investments.
Fashola also disclosed that the N100 billion Sukuk bond which the government recently launched would be channeled to fund works on 25 major road networks which fall within the A1 to A4 arteries.