BUA to build roads, lauds FG’s tax credit policy

16 Jul BUA to build roads, lauds FG’s tax credit policy

Chairman of BUA Group, Abdul Samad Rabiu, has indicated interest in constructing public roads through the federal government’s tax credit initiative for infrastructure development.

This is coming hours after the Federal Executive Council (FEC) on Wednesday approved N309.9 billion for 274.9 kilometre road contracts under the scheme.

At a meeting with the Minister of Works and Housing, Babatunde Fashola; and Minister of State for Works and Housing, Engr Abubakar D. Aliyu at the ministry’s headquarters in Abuja on Wednesday, Rabiu commended the federal government for the initiative, and assured that his company will fully participate by investing into some selected road projects across the country.

Fashola praised the BUA group chairman for coming forward, saying the initiative was designed by the government to grant tax relief to individuals and corporate organisations who invest in Nigeria’s road infrastructure.

In 2019, President Muhammadu Buhari signed the Executive Order 7 (Companies Income Tax Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme) to attract PPP financing for road construction across Nigeria.

“Some of these companies or most of them make profits and they should pay tax at the end of the day. The priority of the government is to fix the road infrastructure for the benefit of all,” he said.

“So, we welcome individuals and corporations that have money to intervene on certain roads and then get tax relief in return,” Fashola said.