Tax credit: FEC awards N309.9bn road contracts to Dangote - Punch Newspapers

The Federal Executive Council on Wednesday approved the award of a contract to Dangote Industries for the construction of five roads totaling 274.9 km at the cost of N309.9bn to be advanced to the company as tax credit.

He said, “The second memorandum presented by the Ministry of Works and Housing was for the construction or the reconstruction, as the case may be, of five road projects in favour of Messrs. Dangote Industries Limited, totalling 274.9 kilometres of federal roads, under the Federal Government Roads Infrastructure Tax Credit policy, which is one of our strategic partnerships with the private sector.

Others are the deep seaport access road sections 1 and 3 in Lagos State, through Epe to Shagamu Expressway, 54.24 km, that links Lagos and Ogun states, in the sum of N85.84bn; the Obele/Ilaro/Papalanto to Shagamu Road, 100km, in Ogun State, in the sum of N79.99bn. Speaking on the conditions surrounding the contract, he said, “First of all, the award is consistent with our multiple funding options, which includes engagement with the private sector.

Source: Loan Digest (loandigest.net)

It is constitutional. An entity can be allowed to use its tax liability to build an infrastructure for a country. It is even the best way of getting the best out of the common wealth. It is not only efficient, it is effective.

Where are the routes for sure I know SE will not be included the same way railway line is conspicuously missing . And when a man rise to contest it you think that he will not have larger than life followers and sympathizes

Lol this is one of the most greedy billionaire to ever live on this planet, People like this will tell you about their love for one Nigeria

Is this constitutional? Shouldn't the tax revenues 'foregone' accrue to the federation account to be split among the three tiers of government or is it independent revenue of the FG? I hope the FG is not ripping state and local governments off? nassnigeria femigbaja NGRSenate

When you are broke you are broke

The best construction company I guess? But this is the first time I'm hearing Dangote construction company in my life

Beasts of no nation's,now dangote is a contractor also,and all those bench warm parliament are approving such awards to someone who has bought d freedom of competitive market and creation of monopoly in the country which is a threat to economic development coz of selfish interest

Conditional cash transfer!

FREE NNAMDI KANU NOW FREE NNAMDI KANU

Huuu! Dangote again, so only Dangote knows how to count money. Haaa! Location 419. Why are you guys are so selfish? Honestly, am feed dop

Nigeria Latest News, Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

FEC approves N8.6bn for construction of vaccine laboratory, others | The Guardian Nigeria News - Nigeria and World NewsThe Federal Executive Council (FEC) has approved N8.6 billion for the construction of vaccine laboratory, text kits for HIV/AIDS and procurement of medical equipment. Na when rain don dey stop na when Dem dey open umbrella When re this pple going to stop the steal Another opportunity to loot, why not just buy from approved and reputable pharmaceutical companies? Nigeria and ever creative looting schemes!!
Source: GuardianNigeria - 🏆 1. / 94 Read more »

Dangote tomato plant short of berries, struggles for profit - Punch NewspapersThe most widely read newspaper in Nigeria
Source: MobilePunch - 🏆 8. / 63 Read more »

BREAKING: Messi agrees five-year Barcelona contract, accepts wage cut - Punch NewspapersThe most widely read newspaper in Nigeria Barcelona have done a great job In managing him nice one johnsonukeje Thank you FCBarcelona Messi in Barcelona
Source: MobilePunch - 🏆 8. / 63 Read more »

BREAKING: Katsina police announce road closure for Buhari's Thursday visit - Punch NewspapersThe most widely read newspaper in Nigeria When the C.O.A.S staff died,the president couldn't go there because his so called special adviser said he doesn't like Nigerians going through stress because he is traveling,now the road his blocked because he is going to KADUNA... TIME will tell
Source: MobilePunch - 🏆 8. / 63 Read more »

Farmers, residents cut off as erosion washes off Anambra community road - Punch NewspapersThe most widely read newspaper in Nigeria Before you wake up, wahala don full ground .. everyday different wahala
Source: MobilePunch - 🏆 8. / 63 Read more »

Abiodun, fix Ota roads - Punch NewspapersThe most widely read newspaper in Nigeria I have friends in OTA but I can’t go to visit them bkos of bad roads and they can’t go out with their cars bkos of bad roads too,that’s very bad and disheartening. No claps, it's his mandate. when he has failed to fix smaller roads... each successive government is worse that former! See the road that leads to Sagamu Local Government! No chairman to hold accountable as they keep installing caretakers.
Source: MobilePunch - 🏆 8. / 63 Read more »