Giving firms like Dangote tax credits good for Nigeria: Osinbajo
Vice President Yemi Osinbajo says giving tax credits to companies like the Dangote Group and Nigeria Liquefied Natural Gas is good for Nigeria.
According to him, the success of the tax credit initiative in Nigeria is an effective demonstration of the public-private partnership model of infrastructure development.
He said this on Tuesday in Abuja at an investors’ webinar organised by the Bureau of Public Enterprises (BPE) in collaboration with the Nigerian Investment Promotion Commission (NIPC) and the Nigerian Exchange Group (NGX).
The webinar titled ‘Investment Opportunities in Nigeria’s Privatisation and Economic Reform Programme,’ had over 800 participants and prospective investors from across the world.
Mr Osinbajo said the initiative had proved beneficial to Nigerians especially in the area of road construction.
He explained, “Today several road projects that may have presented funding difficulties for the government have been done under a scheme that allows private entities, especially corporate organisations in Nigeria to build.
“While government forbears on taxes they pay to the extent of their financial obligations on infrastructure. This has proven to be very successful. For example, today the Nigeria Liquefied Natural Gas project is building the Bodo-Bonny bridge and road.
“This is a huge project that is costing almost N200 billion and it is building it on that tax credit basis. Also, Dangote built the Obajana-Kabba Road in Kogi State on that basis, and is currently doing the Apapa-Oworoshonki Road in Lagos also on this tax credit basis.”
Mr Osinbajo said he was optimistic that the Infrastructure Corporation of Nigeria (INFRACO), the N15 trillion fund for infrastructural development set up by the federal government, would make a major contribution to meeting the infrastructural needs of the Nigerian economy while promoting PPP.
The vice president reassured investors that the government was committed to the PPP approach to engender national economic development and would continue to create the enabling environment for the required and much-needed investment influence.
(NAN)
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