Works minister, senate committee on finance reaffirm commitment to implementation of tax credit scheme

By AKOR SYLVESTER-Abuja

The Minister of Works, Engr. David Umahi, and the Senate Committee on Finance have re-affirmed their commitment to continue with the implementation of the tax credit scheme as contained in Executive Order 07 issued by the administration of President Muhammadu Buhari in 2019

This was the position taken Thursday at the end of the interactive session between the Senate Committee on Finance; chaired by Senator Mohammed Sanni Musa, the Federal Ministry of Works and Nigeria Sovereign Investment Authority, (NSIA) on the funding of critical roads, NNPC Funding and Infrastructure Development and Refurbish Investment Tax Credit Policy Initiative.

The Minister who expressed the determination of the Tinubu administration to complete the designated road projects under the tax credit scheme, told the Committee members that “we have not initiated new projects, because the President has not granted permission to do that.”

Speaking further, Umahi noted that there was the challenge of inadequate funding especially the non-release of funds by NSIA as expected for the implementation of the scheme.

The Minister assured that the Ministry is up to the task of actualising the objective of the scheme as he announced that starting from next March, the Ministry would begin publishing details about ongoing projects.

He 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 Senate Committee Chairman on Finance, Senator Mohammed Sani Musa disclosed the support of the Committee for the scheme, stating that the objectives of the scheme was commendable.

While lauding the initiative and the need to sustain the scheme, he 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, the Senate Chairman remarked 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,”.

Pledging the support of the Senate for the Federal Government initiative, Senator Musa, said “however you will be able to get the funding on the side of the Senate.

“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,”.

In a statement signed by Olusola Abiola Director, Information, the Minister was accompanied to the interactive session by senior government officials from the Ministry.