The Federal Inland Revenue Service (FIRS) has rejected the three year old N2.59 trillion Tax Credit Scheme introduced by former President Muhammadu Buhari administration for road construction across the country. This is coming just as one of the critical executors of the Tax Credit Scheme, the Nigerian National Petroleum Company Limited (NNPCL), cleared air on a $3.3 billion loan facility secured for the Central Bank of Nigeria (CBN) for stabilisation of Naira in the foreign exchange market. The FIRS chairman, Zacheus Adedeji, rejection of the N2.59 trillion Tax Credit Scheme introduced through Executive Order 7 of 2021 by Muhammadu Buhari led government came when he appeared before the Senate Committee on Finance along with the chief financial officer of NNPC, Umoru Ajiya. The Senator Sani Musa-led Committee had invited the duo to shed light on implementation of the scheme vis-a-vis the poor state of Federal Roads across the country. While the NNPC chief financial officer , raised the hope of the committee members that the scheme is helping for refixing of dilapidated roads across the six geo political zones in the country with N664 billion spent so far , the FIRS boss , said the scheme was unlawful and should be discontinued.
