Nigerian CommunicationWeek

5 Things to Know About the MTN RITC Scheme

In a noteworthy move, MTN Nigeria, a leading ICT company, has restated its ambitious plans to undertake the reconstruction of the 110km Enugu-Onitsha expressway through the Road Infrastructure Tax Credit (RITC) Scheme.

This scheme grants income tax credits to companies and individuals that generously contribute funds towards the refurbishment and rehabilitation of vital road networks.

The Federal Roads Management Agency (FERMA) estimates that the economic cost incurred by traffic congestion resulting from poor roads amounts to a staggering N1.02 trillion per year in lost man-hours, while Federal Road Safety Corps (FRSC) estimates that 3,700 people lost their lives in the first ten months of 2022, and road quality is one of the top-ten causes of these accidents.

During the signing of the Companies Income Tax Executive Order No. 007, President Muhammadu Buhari expressed, “We have awarded several contracts to rehabilitate, reconstruct, and construct major arterial roads.” This is a testament to the 10-year Public Private Partnership.’’

Here’s an overview of the significant details surrounding MTN’s RITC Scheme:

MTN’s investment in the Enugu-Onitsha expressway reconstruction represents a significant stride towards the collective goal of a modern and connected Nigeria, laying the foundation for sustainable development and improved opportunities for all.

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