|
Listen now
Getting your Trinity Audio player ready...
|
MTN Nigeria has reported that rehabilitation of the 110-kilometre Enugu-Onitsha Expressway under the Road Infrastructure Tax Credit (RITC) scheme advanced to 50% completion.
“This project is a key step to unlocking regional connectivity and economic development. In July 2025, we secured approval for an additional N23 billion tax credit, which will offset future tax liabilities starting in 2026,” Karl Toriola, Chief Executive Officer (CEO) of MTN Nigeria said.
The total prepayments made so far by MTN towards repair of the road is N21.73 billion as at September 2025.
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.
MTN Nigeria is 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 2025, the Federal Inland Revenue Service (FIRS) approved the utilisation of N18.81 billion of the prepaid RITC costs and interest of N5.14 billion. These balances will be utilised by MTN Nigeria in the 2025 tax year.
Follow the MoneyCentral Nigeria channel on WhatsApp: Click here!
