The Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji has faulted the implementation of the tax credit scheme introduced by the Federal Government through an executive order for the funding of roads construction and rehabilitation across the country.
Former President Muhammadu Buhari had signed Executive Order 7, facilitating the tax credit scheme for the utilization of N2.59trillion for the construction and rehabilitation of roads nationwide.
Appearing before the Senate Committee on Finance, the FIRS boss picked holes in the three year tax credit scheme and explained that it was an abuse of due process.
Dr. Adedeji said, “The mandate of FIRS lumped with execution of Tax Credit Scheme for road construction, is to access, collect tax and remit it into the federation account and not to appropriate it for any purpose through executive order.
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“It is not the duty of FIRS and the Nigerian National Petroleum Corporation Limited (NNPCL) to be paying contractors. The Ministry of Works should be in line with its core mandate, allow to award road contracts and pay for them.”
According to him, “The scheme to some people serves as a faster way for road reconstruction or rehabilitation across the country, but we should stop increasing speed towards the wrong direction.
“As a way of stopping the wrong approach, FIRS and the Central Bank of Nigeria (CBN), are holding a meeting with the Ministry of Works on Friday this week, where stock would be taken of what have done done through the scheme and thereafter toe the right path.”
Dr. Adedeji therefore warned that it was important for the Federal Government not to continue in the wrong trajectory.
