Nigeria Tax Credit Initiative: Bua Cement Plc Commits N120 Billion to Upgrade Vital Road Networks

Bua Cement Plc secures approval from the Federal Executive Council to fund critical road infrastructure projects, including the Lokoja-Benin road, under the tax credit scheme. Valued at N120 billion, this initiative aims to enhance transportation networks and stimulate economic growth, signaling a significant investment in Nigeria's infrastructure development

The Federal Executive Council (FEC) has greenlit an ambitious infrastructure initiative, approving BUA Cement Plc's financing of the Okpella section of the Lokoja-Benin road and other critical routes with a staggering N120 billion under a tax credit scheme.

This landmark decision aims to address the pressing need for road reconstruction and maintenance across Nigeria, following recent incidents like the fuel tanker accident that highlighted the road's dangerous conditions.

Bayo Onanuga, the Special Adviser to the President on information and strategy, announced the FEC's decision, emphasizing the significance of the project in enhancing transportation safety and connectivity.

Additionally, contracts for various road projects nationwide, totaling an estimated N546 billion, were also awarded, signaling a concerted effort by the government to prioritize infrastructure development and stimulate economic growth.