Babatunde Fashola, minister of works, power and housing, says Flour Mills of Nigeria Plc will construct the Atan-Agbara road, under the road infrastructure task credit (RITC) scheme.
The RITC scheme grants income tax credit to companies and individuals that provide funding for the refurbishment and rehabilitation of roads.
He said the Dangote Group is spending about N77 billion which it would have spent on tax, on constructing the Apapa-Oworonshoki road.
“If you don’t make a profit as a company, you are not taxable. And therefore, the amount of traction you will see is a function of the turnover, the profits and taxable income that company or that individual can expend.”
Fashola said significant developments have been made in constructing roads in Lagos, Kabba and Bonny Island under the scheme.
