The Senate and the Federal Ministry of Works have reached and understanding to continue with the implementation of the tax credit scheme initiated by the President Muhammadu Buhari- led administration.
This was the outcome of an interactive session held between the Senate Committee on Finance, the Minister of Works, Sen. David Umahi, and Nigeria Sovereign Investment Authority, (NSIA) on the funding of critical roads, NNPC Funding and Infrastructure Development & Refurbish Investment Tax Credit Policy Initiative.
President Buhari had approved the scheme through executive Order 07 in 2019. The tripartite meeting was held at the Senate building in Abuja, on Thursday. The session was chaired by the Chairman, Senate Committee on Finance, Senate Sani Musa.
In his presentation, the Minister expressed the determination of the Tinubu-led administration to complete the designated road projects under the tax credit scheme.
He told the Committee members that “,we have not initiated new projects, because the President has not granted permission to do that.”
He further noted that inadequate funding especially the non-release of funds by NSIA as expected for the implementation of the scheme has been a challenge.
Umahi assured the Senate Committee that the Ministry under his watch was prepared for the task of actualising the objective of the scheme.
He subsequently announced that begining from March, the Ministry would begin publishing details about ongoing projects.
The Minister said “I can assure you that from the month of March, we will be publishing in the dailies the cost of projects, progress made for that month and other necessary information.”
In his remarks, the Chairman, Senate Committee on Finance, Senator Sani Musa assured the minister of the Committee’s continued support for the scheme, addijg that the objectives of the scheme was commendable.
He further averred that the Senate was not against the continuous implementation of the scheme as contained in the presidential,
He “appealed to NNPCL, the Federal Ministry of Works and the contractors handling the projects covered by the scheme to ensure those projects are completed.”
Commenting on the role of NSIA in the funding of the scheme, Musa said that “the Committee will recommend to the Senate to pause that initial agreement between the Ministry and NSIA; “so then NSIA can now concentrate more on other investments. Let them leave the issue of road projects because road project is an emergency and requires emergency attention.”
While pledging the Senate’s support for the Federal Government initiative, Senator Musa, further said, “however you will be able to get the funding on the side of the Senate.
The Senate Committee Chairman further said, “I want to appeal to the Federal Ministry of Works to seriously look at the issue of funding; on the side of the Senate I hope we will be able to do everything to get funding for the projects.”
