Business
FG Discontinues Tax Credit by Dangote, BUA, MTN … for Roads Infrastructure
As of 2024–2025, the following companies were key participants in the scheme:
The federal government has discontinued the use of tax credit by companies for road development.
It was know as Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme (Executive Order 007).
The Executive Chairman of Nigeria Revenue Service (NRS), Mr. Zacch Adedeji, disclosed that the system does not follow constitutional tax administration.
Adedeji said, “No matter how good a programme is, the first thing that it must have are good products. The remits of the Nigeria Revenue Service, as it were then or the Federal Inland Revenue Service is to access, to collect and to account “ for taxes.
“Appropriation is not part of the remits of the Nigeria Revenue Service or Federal Inland Revenue Service. So when you give tax credits for roads it is an appropriation act, because you spent the money, but your remit is to collect and give it to the constitutional body that will sign that money. Which is the Federation Account Allocation Committee (FAAC).
And who says that that money is yours? Who says it belongs to your family? Who says it’s not students that will come and work in your factory and want to use it to pay their school fees.”
Another point he raised was that FIRS/NRS lacks the competence to know how a road is constructed, saying, “We lack competence, as Nigerian Revenue Service, because we don’t know how the road is done and that is why we stopped the use of tax credit. Whatever their taxes, let government choose the proper appropriation.”
BACKGROUND
Many major companies in Nigeria have utilised the Federal Government’s Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme (Executive Order 007) to finance the construction and rehabilitation of federal roads in exchange for tax credits
As of 2024–2025, the following companies were key participants in the scheme:
Nigerian National Petroleum Company Limited (NNPCL):
As at late 2024, NNPC was one of the largest contributors, financing over 21 road projects covering over 1,800 kilometers. Projects included the Ilorin-Jebba-Mokwa/Bokani Junction Road and the Lagos-Badagry Expressway.
Dangote Group (Dangote Cement Plc):
A prominent participant, having worked on the Apapa-Oshodi-Oworonsoki-Ojota Expressway and the Obajana-Kabba road in Kogi State.
BUA Group (BUA International Limited): Involved in the construction of major roads, including the Bode-Saadu-Lafiagi road, Eyinkorin road and bridge, and the Okura Road, aiming to complete over 500km of roads by 2026.
MTN Nigeria Communications Plc: Engaged in the rehabilitation and reconstruction of the Enugu-Onitsha expressway.
Nigeria LNG Limited (NLNG): Provided funding for the Bodo-Bonny road and bridge project in Rivers State.
Access Bank Plc: Involved in fixing the Oniru axis of the VI-Lekki circulation road in Lagos State.
Mainstream Energy Solutions Limited: Undertaking the construction of the Malando-Garin Baka-Ngwaski road and rehabilitation of the Mokwa-Nasarawa road in Niger State.
GZI Industries: Re-constructing the Umueme village road in Abia State.
Others: Lafarge Africa Plc, Unilever Nigeria Plc, and Flour Mills of Nigeria Plc.
Official CBN Exchange Rates
US Dollar (USD) ₦1, 358.75
Great British Pound (GBP) ₦1,828. 06
EURO (EUR) ₦1,581. 58
SWISS FRANC (CHF) ₦1,724. 74
JAPANESE YEN (JPN) ₦8.50
CHINESE YUAN (CNY) ₦200.58
West African CFA (XOF) ₦2.40
SAUDI RIYAL (SAR) ₦361. 90
SOUTH AFRICAN RAND (ZAR) ₦83..65
Black Market Rates
US Dollar (USD) Buy ₦1,390 Sell ₦1,398
Great British Pound (GBP)Buy ₦1,580 Sell ₦1, 600
EURO (EUR) Buy ₦1, 590 Sell ₦1, 610
Canadian Dollar (CAD) Buy ₦1, 000 Sell ₦1, 100
South African Rand (ZAR)Buy ₦75 Sell ₦90
UAE Dirham Buy ₦350 Sell ₦370
Chinese Yuan Buy ₦180 Sell ₦200
Ghana Cedi (GHS) Buy ₦100 Sell ₦115
West African CFA Buy ₦2,450 Sell ₦2550
Central African CFA Buy ₦2,320 Sell 2,400
Australian Dollar Buy ₦800 Sell ₦900
Source: CBN/ Aboki Forex
Business
Dangote Refinery increases processing capacity to 700,000 bpd
Speaking on the development, Vice President of oil and gas at Dangote Industries Limited, Devakumar Edwin, said that the refinery plans to expand its processing capacity to 1.4 million bpd within the next 30 months.
Dangote Petroleum Refinery & Petrochemicals has increased its crude oil processing capacity to 700,000 barrels per day (bpd), surpassing its official nameplate capacity of 650,000 bpd.
This was disclosed today in a statement issued by the Dangote Group’s Head of Corporate Communications, Anthony Chiejina.
Chiejina emphasised that the increased capacity highlights the refinery’s strong engineering design and operational efficiency.
Speaking on the development, Vice President of oil and gas at Dangote Industries Limited, Devakumar Edwin, said that the refinery plans to expand its processing capacity to 1.4 million bpd within the next 30 months.
According to him, the goal is to position the facility among the largest refineries in the world.
Edwin noted that the expansion would enhance Nigeria’s energy security, eliminate dependence on imported petroleum products, and strengthen the country’s position as a major exporter of refined products.
Business
NEPZA to go live on RevOP, FTe-R
Oyedele added that a total of 31 MDAs had already gone live on the platform and 21 more agencies are to be captured next, as the government is working assiduously to achieve 100 percent financial probity before the end of the year.
Photo: Minister of Finance, Taiwo Oyedele
The Nigeria Export Processing Zones Authority (NEPZA) and 20 other Federal ministries and agencies (MDAs) have made a firm commitment to integrate and adopt the Revenue Optimisation and Assurance Platform (RevOP) and the Federal Treasury e-Receipt (FTe-R) to improve overall transparency in Federal Government financial operations.
RevOP is a digital, technology-driven system used to track, collect, reconcile, and protect financial revenues. These platforms are typically designed to identify revenue leakages, prevent fraud, automate billing, and ensure that every transaction is visible and traceable in real time.
This revelation came after a meeting between the Minister of Finance and the Chief Executive Officers of 21 affected agencies in Abuja on Tuesday.
The new RevOP was approved by the Federal Executive Council to eliminate day-to-day financial fraud and to advance the financial transparency initiative of President Bola Ahmed Tinubu’s administration.
The Minister, who was represented by the Permanent Secretary of the Ministry of Finance, Muhammed Sanusi, reminded the CEOs that the new revenue monitoring platform was created by the government to comprehensively record its revenue and expenses.
Oyedele added that a total of 31 MDAs had already gone live on the platform and 21 more agencies are to be captured next, as the government is working assiduously to achieve 100 percent financial probity before the end of the year.
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