The Federal Executive Council, FEC has approved 169.7 billion naira n for the reconstruction of four roads under the tax credit scheme.
Minister of works and Housing Babatunde Fashola made announced this when he briefed State House correspondents on the outcome of the Council meeting in Abuja.
He said the approval was in response to the tax credit scheme, initiated in 2019 by President Buhari after signing Executive Order 7, to allow private sector finance public infrastructure in lieu of tax and then to offset it over time using tax credits. The two main memoranda relate to the uptake by the private sector in response to the tax credit programme, which we initiated in 2019, by the President signing of Executive Order 7 to allow private sector finance public infrastructure in lieu of tax and then to offset it over time, using tax credits.
Fashola also announced that the council gave approval to a private firm, Mainstream Energy Solutions, to invest over 74 billion naira in the reconstruction of three roads in Kebbi and Niger States.
On his part, the Minister of Information and Culture Lai Mohammed who briefed on behalf of his counterparts in Aviation, Power and Agriculture, said the Council approved about 3.5 billion naira for the purchase of a property in Abuja for the Ministry of Aviation.
