MTN Nigeria to build road in exchange for N203 billion tax credit
Under a Nigerian Federal Government Tax Credit Scheme, MTN Nigeria has received approval to complete a 110-kilometer dual carriage expressway from Enugu to Onitsha in exchange for N202.8 billion tax credit.
Reports say part of the road has been constructed and it is left with 91 kilometers to complete, at the cost of the amount to be credited to MTN against future corporate and income taxes.
Nigeria’s Minister of Works and Housing, Babatunde Fashola disclosed this to the Nigerian State House reporters at a press conference.
The Minister said ”that road is a 110km, which is being dualized. So, you have 110km times two. The outstanding works aggregate to about 91.9 kilometres on both sides.”
He noted that the Enugu bound section has been largely completed but there’s a lot of work to be done on the Onitsha section.
According to him, the tax credit policy is going to allow a steady and sustained stream of funding to completion of the road by MTN and the amount approved is over N202.8 billion, which will be credit to MTN.
The minister also disclosed that another 3.7km access road spanning Umuchi – Ususu – Umueme in Abia was also approved for reconstruction by aluminium cans manufacturer, GZ Industries at the cost of N4.2billion under the same scheme.
