Telecommunications giant MTN Nigeria prepaid the sum of N1.03 billion towards the reconstruction of the Enugu-Onitsha Expressway in the First Quarter (Q1) of 2025.
The total prepayments made so far by MTN towards repair of the road is N19.853 billion as at March 2025.
“These are costs incurred towards the reconstruction of the Enugu-Onitsha expressway under the Road Infrastructure Development and Refurbishment Investment Tax Credit (“Road Tax Credit”) Scheme,” MTN Nigeria said in notes accompanying its First-Quarter (Q1), 2025 financial statement.
The telecoms giant is expected to complete the dualisation of the 110-kilometre road.
MTN Nigeria announced in 2024 that it achieved a significant milestone as the road reconstruction reached 17% completion.
The RITC scheme grants income tax credit to companies and individuals that provide funding for the refurbishment and rehabilitation of roads.
The scheme is a public-private partnership (PPP) intervention that enables the Nigerian government to leverage private sector capital and efficiency for the construction, repair, and maintenance of critical road infrastructure in key economic areas in Nigeria.
Participants will be entitled to utilise the total cost (project cost), incurred in the construction or refurbishment of an eligible road as a tax credit against their future Companies Income Tax (CIT) liability, until full cost recovery is achieved.
In August 2021, MTN announced plans to reconstruct the Enugu-Onitsha expressway, under the RITC.
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