Editorial
RITCS: The Way To Go
For many years, Nigeria has been combating a considerable infrastructure deficit because the economy is not generating sufficient revenues to close an infrastructure gap estimated at $3 trillion by Moodys. The African Infrastructure Development Index strongly indicates that the country ranks 23 out of 54 African economies in infrastructure development. It is an appalling performance. That is why the country has to be forward-looking.
Nigeria faces weak organic incomes and suffocating debt servicing. Between January and May 2021, the Federal Government raised N1.84 trillion but spent N1.8 trillion on debt charges. This translates into 98 per cent of total debt service revenues. The debt profile is similar to the 99 per cent of revenues used for debt servicing in Q1 2020.
To get out of the self-imposed embarrassment, the Federal Government conceived the idea of infrastructure funding by implementing a tax policy to promote infrastructure development. In January 2019, President Muhammadu Buhari signed into effect the Companies Income Tax (Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme) Order 2019.
This tax system allows the participating company to recover costs incurred in the construction or rehabilitation of eligible roads as income tax credits payable by the partaking company. The tax credit can be carried forward to future years until it is fully used and redeemable. A company taking part in the scheme may sell or transfer its unused tax credit to others.
Zainab Ahmed, the Minister of Finance, said the strategy would stimulate private sector investment in Nigerian roads across critical economic corridors and industrial clusters, relieving the government of the burden of funding the initial outlays for these investments. She has a point. Indeed, if properly implemented, the programme has the potential to improve Nigeria’s road infrastructure. It may also enable the government to utilise public funds on other sectors of the economy apart from roads.
Several participating companies have already expressed an interest in the scheme and are involved in projects execution. These include MTN: 110km Enugu-Onitsha Road in Anambra State in exchange for tax credits; Transcorp Group: Oyigbo-Izuoma-Mirinwayi-Okoloma-Afam Road; Access Bank: Oniru axis of VI-Lekki Circulation Road in Lagos State.
Others are GZI Industries: Umueme Village Road, Abia State; Mainstreet Energy: Malando-Garin-Baka-Ngwaski Road; The BUA: Bode-Saadu-Lafiagi Road; Eyinkorin Road and Bridge; NLNG: Bodo-Bonny Bridges and Road and the Dangote Group: Obajana-Kabba Road, among others.
Dangote Cement Plc is the most prominent participant in this system. A tax credit certificate worth N22.3 billion was awarded to the firm to construct the Apapa-Oworonshoki-Ojota Road in Lagos and the Lokoja-Obajana-Kabba Road connecting Kogi and Kwara States.
We appreciate Buhari’s Federal Government for this innovative approach to infrastructural development in the country and expect other companies to join the fray as it promises to give the nation’s infrastructure a facelift. As a result, participating companies will control cash flows rather than make cash payments. They can also give value to society by picking the assets they seek to finance.
Critics of the model insist that it could deprive the nation of income if more companies adopt the regime. However, while we think that revenue target is important as projected by the castigators, it is not as significant as the optimisation of funds when collected. The question is: are we getting value for money? Given the present high level of corruption, this is surely the safest way to proceed.
The initiative has different attractions for various stakeholders. For the government, it is the ability to execute more development projects within a short time. For companies, they have a combination of brand edge and cash flow management. Cement manufacturers, for example, are also able to record improved sales of their products used in road construction; hence, they benefit both explicitly (financially) and implicitly (brand improvement).
However, the success of this enterprise and any other will depend greatly on the transparency of the process and the sincerity of the parties concerned. The policy itself is well established, and unless there are corrupt proclivities on the part of any party, it should function congruously.
Also, the Order setting up the contrivance, expected to last for 10 years, does not indicate the criteria for selecting eligible roads and participants that would construct or refurbish such roads. We also note that there is no dispute resolution mechanism in the Order, particularly concerning the determination of the cost of projects.
Furthermore, when compared to returns on other investments, it is doubtful whether the Monetary Policy Rate (MPR) — currently 11.5% — is sufficient return on project cost, especially for companies for which an Eligible Road would not positively improve their operations and grow their businesses. Those are critical questions the Federal Government must address for the model to succeed.
To ensure that the attractiveness of the strategy is not diminished, a constant review to deal with the grey provisions of the Order and manage any stakeholder concerns arising from the implementation of the scheme is imperative. Again, action is needed to ensure that the model is executed impartially nationwide to effectively finesse the widespread infrastructure gap throughout the country.
Editorial
2027: Beyond IGP’s Billboards Protection Order
It was, therefore, welcome news when the Inspector-General of Police, Olatunji Disu, warned politicians, political thugs and others against destroying, defacing or removing campaign posters, banners and billboards. In a statement issued in Abuja by the Force Public Relations Officer, CSP Ani Iniedu, the police condemned such acts as political intolerance, directed Commissioners of Police in all 36 States and the Federal Capital Territory to take preventive measures, and warned that sponsors would also face prosecution. The police rightly described such vandalism as a criminal act that undermines parties’ and candidates’ freedom to canvass for votes.
But billboards are replaceable; human lives are not. While applauding the IGP’s stance, we urge him to extend the same stern warning and enforcement zeal to thugs who assault opposition members during campaigns. A police force that punishes the tearing of a poster but ignores the breaking of a skull will have its priorities questioned. Allowing such attacks to continue could erode the foundations of our democracy.
Consider the African Democratic Congress (ADC) presidential campaign flag-off in Sokoto State on November 4, 2026. The party alleged that the State Government denied it access to public facilities, sealed its campaign venue and pressured hotels to reject its delegates, forcing it to hold the rally at its secretariat. The Sokoto authorities, however, denied instructing hotels to turn guests away. More seriously, two suspected ADC supporters were reportedly shot along the Sokoto–Wurno Road while travelling to the venue, allegedly by operatives of the Sokoto State Community Guards.
Whatever the truth of these competing accounts, a shooting demands more than press statements. It requires a transparent, independent investigation and prosecution where warranted. Sokoto was not an isolated incident. The following day in Birnin Kebbi, the ADC presidential campaign convoy was reportedly attacked by armed gangs. Amnesty International said vehicles were vandalised, people assaulted with cutlasses and roads blocked, while the party’s Kebbi governorship candidate, Abubakar Malami, alleged that media equipment was destroyed and tear gas deployed. His convoy had suffered a similar attack in the city in September 2025.
The Nigeria Democratic Congress (NDC) has suffered similar attacks. On November 4, hoodlums stoned the motorcade of its presidential candidate, Peter Obi, and running mate, Rabiu Musa Kwankwaso, at Watt Market roundabout in Calabar, Cross River State. Police reported arresting a 27-year-old suspect, Victor Edet, although it remains unclear whether he has been arraigned. The State Government has denied suggestions that ruling-party supporters were responsible. Worse, in Asaba, Delta State, one person was killed and five injured when suspected thugs attacked an NDC rally. A death at a political rally is no longer a warning; it is a damning indictment of the prevailing political climate.
Even critics of the establishment who are not frontrunners have not been spared. Omoyele Sowore, presidential candidate of the African Action Congress (AAC), was attacked by suspected thugs at a restaurant in Ado-Ekiti on October 30. He alleged that the assailants were linked to the Ekiti State Government House and that the Department of State Services leaked his location. Both the State Government and the security service denied involvement, while the police reported a minor injury and a discreet investigation. These conflicting accounts make an independent, publicly reported inquiry indispensable.
What deepens the concern is the Federal Government’s apparent silence. We are unaware of any specific, forceful condemnation of these assaults, even as All Progressives Congress (APC) rallies appear to proceed nationwide without incident. Such silence can easily be misconstrued as complicity, regardless of intent.
According to the Centre for Democracy and Development, 109 election-related deaths were recorded in the build-up to the 2023 polls. The Kimpact Development Initiative separately documented 238 incidents and 24 deaths during the general elections. Beyond Nigeria, Kenya’s 2007–08 post-election violence claimed more than 1,000 lives, according to the Waki Commission. Ghana, by contrast, enacted the Vigilantism and Related Offences Act in 2019 to curb party vigilante groups, a model worth studying.
The remedies are neither exotic nor expensive. The IGP should extend his directive to cover assaults on individuals and disruptions of rallies, while establishing a dedicated investigative unit to probe the Sokoto shooting and the attacks in Kebbi, Calabar, Asaba and Ado-Ekiti. It should publish the status of each case within a fixed period. Suspects must be prosecuted and their sponsors, regardless of party or position, brought to justice. State-backed security outfits, including the Community Guards, should be audited and barred from partisan duties.
The Federal Government must speak and act unequivocally. President Tinubu should specifically condemn attacks on opposition candidates and direct all security agencies to guarantee equal protection for every party. Governors must ensure equal access to public facilities for registered parties. The Independent National Electoral Commission (INEC), which has warned of fines and imprisonment under the Electoral Act 2026 for inflammatory campaign conduct, should enforce the Code of Conduct for Political Parties. Working with the Inter-Agency Consultative Committee on Election Security, it should publish a joint security plan covering campaigns, polling, and collation. Parties must discipline their supporters, courts expedite electoral-violence trials, and civil society and the media maintain a public record of incidents and their outcomes.
The credibility of the 2027 elections is at stake. An election is credible only when every contender can campaign, travel, assemble and speak freely, without fear. Without a free opposition, there can be no meaningful democracy. Nigeria is not a one-party State, and law enforcement agencies must demonstrate their neutrality through action, not communiqués. The campaign atmosphere is too tense to be left to chance. Billboards deserve protection, certainly, but citizens deserve it far more.
Editorial
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