Reps Canvass Tax Incentives For Public-spirited Companies In Nigeria

The House of Representatives has urged the federal government to consider granting tax waivers to more companies engaged in the infrastructural development of public schools and hospitals in the country.

While adopting a motion sponsored by Hon. Nnolim Nnaji and eight others at the plenary yesterday, the Green Chambers called on corporate bodies to take advantage of the federal government’s Infrastructure Development and Refurbishment Investment Tax Credit (RITC) Scheme to provide road infrastructures.

Presenting the motion, Nnaji recalled that on the 25th of January, 2019, then Nigerian President, Muhammadu Buhari signed the Presidential Executive Order for the RITC scheme.

He stressed that the main objective of the scheme was to sensitise and promote private sector funding for road infrastructure projects in a manner that would generate value for money and guarantee participant’s timely and full recovery of funds provided for the construction or repair.

The lawmaker pointed out that the burden of bridging current infrastructure gap in the country was too heavy for the federal government to bear alone due to the global economic challenges, with public schools and hospitals being on the verge of collapse due to poor infrastructural funding and development.

He added that the provision of good schools and hospitals is the bedrock of societal development and economic growth, leading to reduction in unemployment, social vices, moral decadence, drug abuse, youth restiveness, mortality rate, spread of diseases and unhealthy environment.

The House, in its resolution, called on “The federal government to consider granting tax incentives to more companies for engagement in the infrastructural development of public schools and hospitals under a similar RITC Scheme, which can mitigate the fiscal responsibility of government and increase its revenue.”

It added: “The various Ministers of Finance, Education and Health, liaise with FIRS, to activate the bureaucratic processes for the successful implementation of these tax incentives by outlining measures and rules of engagement with stakeholders input and thriving mode of operation.”[ez-toc]