The Federal Executive Council (FEC) has approved a N169 billion private sector investment for road infrastructure through the Nigerian government’s Tax Credit Programme.
Nigeria’s Minister of Works and Housing, Babatunde Fashola, made the disclosure while briefing State House Correspondents after the weekly meeting of the Council, held at the Council Chambers at the Presidential Villa, Abuja.
The meeting was chaired by President Muhammadu Buhari.
According to him, the Programme was initiated in 2019 through Executive Order 7 signed by the President which allowed the private sector to finance public infrastructure in lieu of tax and then offset it over time using tax credits.
Fashola further disclosed that an existing N20 billion under NNPC Tax Credit Scheme would be used to kickstart the project immediately.