Politics
Umahi Assures Public: Tinubu To Uphold Buhari’s Tax Credit Scheme, No Cancellation Planned
Umahi Assures Public: Tinubu To Uphold Buhari’s Tax Credit Scheme, No Cancellation Planned....KINDLY READ THE FULL STORY HERE▶
The Minister of Works, David Umahi, dismissed speculations suggesting that President Bola Tinubu would terminate the Tax Credit Scheme for road construction initiated by former President Muhammadu Buhari. Umahi clarified this stance following a meeting with Zaccheus Adedeji, the Chairman of the Federal Inland Revenue Service (FIRS)……...CONTINUE READING
Contrary to FIRS boss Adedeji’s criticism of the scheme as illegal and counterproductive, Umahi asserted that President Tinubu supports using corporate taxes to finance road projects. After their meeting, Umahi and Adedeji agreed to jointly present a proposal to the President addressing identified shortcomings and outlining a more robust implementation approach.
Umahi, through his Special Adviser on Media, Uchenna Orji, emphasized the scheme’s substantial benefits and highlighted its incorporation in the Executive Order No. 007 of 2019 by the Federal Government of Nigeria. He clarified that the agreed-upon continuation of NNPC projects on road infrastructure should adhere to the initial funding of N2.59 trillion. However, Umahi acknowledged that the total project cost was not initially N2.59 trillion but had been revised to N2.7 trillion due to a comprehensive project scope review.
The minister further disclosed their agreement to submit a joint memo to President Tinubu, proposing that the N2.7 trillion funding gap be directed to the National Assembly for approval, outlining the methodology for obtaining the required funds.
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Source: Bushradiogist
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