CBN has recently suggested that the roads constructed around various parts of the country would contain toll gates to enable the Federal Government to recover loans used in their construction.
According to Godwin Emefiele, Governor of the Central Bank of Nigeria, CBN, the installation of tolls may be a viable way to expand revenue for the governments.
Emefiele argued that such an initiative would support the repayment of the accumulated loans, stating that those who ply routes with the toll gates and board vehicles to their various destinations would ‘have to bear higher transportation costs.’
The Governor of the Apex Bank, Godwin Emefiele, mentioned this development while providing answers to questions asked during a recent past two-day retreat of the Bankers’ Committee in Lagos State.
CBN Governor’s Reason for Toll Gates Taxes
His reasons for the additional tax proposition is because most other countries’ roads are tolled, and Nigeria wouldn’t be left out.
He stressed that such projects are commercially productive and would add to the growth of Nigeria’s internally generated revenue.