President Muhammadu Buhari signed a new Executive Order 007 on Friday, permitting private companies to fund the construction of major road projects in the six geo-political zones of the country.
The companies, according to the President, will get tax credit and reductions in return for their effort.
The new order is pursuant to the Federal Government’s “Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme,” a policy to source alternative funding for infrastructure, including road and electricity projects.
Speaking while signing Order 007, Buhari admitted that funding infrastructure had become a burden the government alone could no longer bear, a reason for the new initiative.
He added that the search for funding sources was also the reason the government established the Presidential Infrastructure Development Fund in February 2018, using the Nigeria Sovereign Investment Authority to invest in roads and power projects like the 2nd Niger Bridge, Lagos-Ibadan Expressway, East-West Road, Abuja-Kano Road, and the Mambila Hydroelectric Power Project.
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