Nigerian Government Halts Companies' Use of Tax Credits for Road Development
The Nigerian government, through the Executive Chairman of the newly established Nigeria Revenue Service, Zacch Adedeji, has announced the discontinuation of the practice where companies utilized tax credits for road development. Adedeji highlighted that this system did not align with constitutional tax administration principles.
He emphasized the importance of remitting taxes to the appropriate revenue agencies, such as the Nigeria Revenue Service and the Federal Inland Revenue Service, rather than using tax credits for road projects. Adedeji pointed out the lack of expertise in road construction within the revenue service and the need for proper allocation of funds through established government channels.
The tax credit scheme, which allowed major companies in Nigeria to contribute to federal road construction in exchange for tax credits, has been halted, affecting projects planned for 2024 and 2025.
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