• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Sunday, June 8, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Road Construction: FIRS Rejects N2.59trn Tax Credit Scheme

by Sunday Isuwa
1 year ago
in Business
firs
Share on WhatsAppShare on FacebookShare on XTelegram

The Federal Inland Revenue Service (FIRS) has rejected the three year old N2.59 trillion Tax Credit Scheme introduced by former President Muhammadu Buhari administration for road construction across the country.

Advertisement

This is coming just as one of the critical executors of the Tax Credit Scheme, the Nigerian National Petroleum Company Limited (NNPCL), cleared air on a $3.3 billion loan facility secured for the Central Bank of Nigeria (CBN) for stabilisation of Naira in the foreign exchange market.

The FIRS chairman, Zacheus Adedeji, rejection of the N2.59 trillion Tax Credit Scheme introduced through Executive Order 7 of 2021 by Muhammadu Buhari led government came when he appeared before the Senate Committee on Finance along with the chief financial officer of NNPC, Umoru Ajiya.

The Senator Sani Musa-led Committee had invited the duo to shed light on implementation of the scheme vis-a-vis the poor state of Federal Roads across the country.

While the NNPC chief financial officer , raised the hope of the committee members that the scheme is helping for refixing of dilapidated roads across the six geo political zones in the country with N664 billion spent so far , the FIRS boss , said the scheme was unlawful and should be discontinued .

RELATED

Bitget Hosts Blockchain Education Day To Foster Web3 Awareness Growth

Bitget Hosts Blockchain Education Day To Foster Web3 Awareness Growth

16 hours ago
2025 Budget: Outcry As Agency Appropriates N6bn On Frivolities

2025 Budget: Outcry As Agency Appropriates N6bn On Frivolities

17 hours ago

“The Mandate of FIRS lumped with execution of Tax Credit Scene for road construction , is to access, collect tax and remit it into the federation account and not to appropriate it for any purpose through executive order.

“It is not the duty of the FIRS and NNPCL to be paying contractors. The Ministry of Works should be in line with its core mandate, allow it to award road contracts and pay for them.

“The scheme to so people serves as a faster way for  road reconstruction or rehabilitation across the country, but we should stop increasing speed in the wrong direction.

“As a way of stopping the wrong approach, FIRS and CBN  are holding a meeting with the Ministry of Works Friday this week, where stock would be taken of what has been done through the scheme and thereafter, to the right path .

“We should in a nutshell, not continue on the wrong trajectory”, he said.

Impressed by his submission, the Chairman of the Committee, Senator Sani Musa, said relevant provisions of the 1999 constitution (as amended), are against the  scheme, because monies NNPC and FIRS are being made to spend on the roads through tax credit, supposed to be remitted into consolidated revenue fund.

“We are waiting for the outcome of the meeting of the three agencies involved in the scheme , before deciding on how to help the present government to correct mistakes of the past ,” he said.

On the $3.3billion loan facility, NNPCL informed the Committee members that it was secured to support CBN to suppress FOREX Volatility.

It said $2.2billion had already been secured for the apex bank while the balance of $1.05billion, would be credited to the apex bank before the end of the month.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

START EARNING US DOLLARS as a Nigerian ($35,000) monthly. Companies are sacking their workers due to AI (artificial intelligence), business owners are in panic mode. Only the smart will make it. Click here


Tags: FIRS
SendShareTweetShare
Previous Post

CBN Raises Customs Duty Rate By 2.6%, 5th Time In 2024

Next Post

Electricity Subsidy Rises From N1.6trn To N2.9trn

Sunday Isuwa

Sunday Isuwa

Sunday Isuwa is an award winning journalist with over 15 years of experience. Currently at LEADERSHIP Media Group, he has published thousands of articles that have helped in shaping Democracy, Good Governance in Nigeria, Africa and the world at large. His Twitter handle is @IsuwaSunday 

You May Like

Bitget Hosts Blockchain Education Day To Foster Web3 Awareness Growth
Business

Bitget Hosts Blockchain Education Day To Foster Web3 Awareness Growth

2025/06/07
2025 Budget: Outcry As Agency Appropriates N6bn On Frivolities
Business

2025 Budget: Outcry As Agency Appropriates N6bn On Frivolities

2025/06/07
FCCPC To Prosecute PoS Operators Over Service Price Fixing
Business

FCCPC Sets Up Committee For Anti-counterfeit Portal

2025/06/07
Asharami Energy Commits To Local Capacity Devt, Sustainable Growth
Business

Asharami Energy Commits To Local Capacity Devt, Sustainable Growth

2025/06/07
BPP, CIPS Strengthen Partnership On Procurement Practice, Sign MoU
Business

BPP, CIPS Strengthen Partnership On Procurement Practice, Sign MoU

2025/06/07
Centre Partners Niger Delta Varsity On Marine Training
Business

Centre Partners Niger Delta Varsity On Marine Training

2025/06/07
Leadership Conference advertisement

LATEST

Risk Managers Seek Review Of Nigeria’s Early Warning Systems

$300m AMCE To Curb Medical Tourism Drain

COAS Lauds Army Veterans, Reaffirms Support For Welfare

Ebonyi Community Laments Govt’s Silence On Killings

Senator Karimi Pledges To Deepen Democratic Gains In Kogi West

Zulum Donates N100m To Wounded Soldiers, Bereaved Families

Kaduna PDP Decries Govt’s Inaction Against Banditry

Ex -Minister Ogah Joins Kalu In Push For Tinubu’s Re-election

Liberia’s Ex-Speaker Charged With Arson Over Parliament Fire

Cleric Warns Nigerians Against Colluding With Bandits

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.