FG Realises N205bn From Infrastructure Development Scheme

• FG Realises N205bn From Infrastructure Development Scheme

Federal Government has so far realised N205 billion from the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme developed to encourage the participation of the private sector in infrastructure development.

Adeyemi Dipeolu, the special adviser to the President on Economic matters made the statement during FMDQ Capital Markets Conference on Thursday.

He said: “The interest in the Scheme shows that Nigeria remains a compelling destination of capital despite our economic challenges.”

“There are huge opportunities in infrastructure and the government is keen to attract private capital into that space,” Dipeolu said.

The N205 billion is equivalent to 47 percent of the entire public expenditure on transport infrastructure in 2018 and represents 62 percent of the amount spent on Power, Works and Housing during the same period.

President Muhammadu Buhari had signed the Executive Order No. 007 on Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme on 25 January 2019 to attract private investments for infrastructure development.

While the details of the specific roads were not provided, the ten-year Scheme is a Public-Private Partnership (PPP) intervention to enable cash-strapped Government to leverage on private sector capital for growth.