MTN Nigeria has commenced the reconstruction of the dilapidated Enugu-Onitsha Expressway.
“We advanced our corporate social investment programme with the commencement of the rehabilitation of the Enugu-Onitsha Expressway under the Federal Government’s Road Infrastructure Tax Credit (RITC) scheme,” MTN Nigeria CEO, Karl Toriola said in notes accompanying its 9-months (Q3), 2023 financial statement.
“We are excited about the impact the project will have’ on the lives of Nigerians once completed. The tax credit arising from this investment will enable us to offset future tax liabilities.”
MTN Nigeria had earlier prepaid the sum of N12.032 billion, towards the reconstruction of the Enugu-Onitsha Expressway.
The telecoms giant is expected to complete the dualisation of the 110-kilometre road.
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.