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5 Things to Know About the MTN RITC Scheme

MTN

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:

  • Celebrating two decades of successful operations in Nigeria, the MTN Board of Directors made the decision to embark on the completion of the rehabilitation of the Enugu-Onitsha Expressway. This strategic endeavour aims to address the dire need for enhanced road quality, which plays a significant role in reducing accidents. According to the Federal Road Safety Corps (FRSC), an estimated 3,700 lives were lost on Nigerian roads during the first ten months of 2022, with road conditions being one of the leading causes.

  • Tobechukwu Okigbo, the Chief Corporate Services Officer (CCSO) of MTN Nigeria, highlights the company’s commitment by expressing, “Through our successful bid to reconstruct the 110-kilometer dual carriage Enugu-Onitsha expressway, we demonstrate the strength of the partnership between MTN and Nigeria. Our contribution directly benefits the government, businesses, and the people by improving connectivity—a tangible manifestation of our belief that ‘We’re good together.’ It aligns with our purpose of enabling the benefits of a modern connected life for everyone.”

  • MTN Nigeria’s investment in rehabilitating the Enugu-Onitsha expressway amounts to an impressive N202.8 billion, entitling the company to receive tax credits equivalent to this value, which can be utilized to offset future tax liabilities. Reconstruction has already commenced on this vital transportation route, and a comprehensive delivery schedule has been established, anticipating the road’s usability within 18 months.

  • By participating in the RITC Scheme, MTN Nigeria actively contributes to accelerating progress towards national development goals. This transformative initiative not only seeks to improve the lives of Nigerians by easing their daily commutes but also fosters favorable conditions for businesses of all scales.

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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