The Federal Government has hinted that it is considering tax credit as a way of driving a revised model for export expansion as well attract investment in infrastructure.
The Minister of Budget and National, Senator Udoma Udo Udoma, disclosed this at the media briefing in Lagos, ahead of the 23th Nigeria Economic Summit in Abuja, scheduled for the 10-12th of October.
Senator Udoma said: “The amount we are spending on critical infrastructure is not enough. The country needs between 3 to 5 of its GDP in infrastructure, but we are currently doing 0.5 percent.
“We are trying to use tax credit for export expansion and to drive investment in infrastructure. We want to encourage public private partnership.”
The Idea of tax credit is becoming popular after President Donald Trump of the United State proposed a federal tax credit to generate investment in infrastructure projects. Their proposal involved $137 billion in federal tax credits to generate enough investment to make a $1 trillion infrastructure package viable.
Speaking at the 23rd NES, Udoma said the Summit will further seek to articulate an Action Plan with specific timelines for all stakeholders, especially the private sector and Government.
