Gives 10-year tax incentive as recompense for road rehabilitation

By Bennett Oghifo in Lagos, Chineme Okafor in Abuja and Alike Ejiofor in Lagos


The federal government has handed over the Apapa to Oworonshoki end of the Lagos – Ibadan Expressway, a 35 kilometres long highway to the Dangote Group to rebuild using concrete, and as well getting a recompense in the form of 10-year tax holiday, the Minister of Power, Works, and Housing, Mr. Babatunde Fashola, has disclosed.

Speaking at the Businessday Road Construction Seminar yesterday in Lagos, Fashola, explained that the contract for the road network comprising Creek Road, Liverpool Road, Marine Beach all the way to Mile 2, Oshodi, Oworonshoki, to the Lagos end of the Toll Gate on the Ibadan Expressway was signed with the Dangote Group on September 12, 2017.

Fashola, said to encourage the Dangote Group to embark on the project which the government is still waiting for its designs, the government has approved an upward review of a tax incentive to the group to 10 years.

“I am pleased to inform you that, we have just concluded an agreement using the tax incentive order to hand over the Apapa area comprising Creek Road, Liverpool Road, Marine Beach to Mile 2, Oshodi, Oworonshoki to the Lagos end of the Toll Gate on the Ibadan Expressway to Dangote Group for construction using concrete on Tuesday, 12th September 2017,” said Fashola.

He further stated: “We have also just concluded and signed an agreement with NLNG to construct the Bodo – Bonny Bridge at the cost of N120.6 Billion with NLNG and Federal Government sharing the cost 50-50. The contracts were signed on Wednesday, 13thSeptember 2017.

“We inherited a tax incentive policy for individuals to benefit from tax remission, to recover investment made in public infrastructure like roads, which other members of the public can utilise.

“This government has thought it fit to review the five-year limit on that tax order to a ten-year period to sustain private investment in road infrastructure, because it is a long-term asset,” he added.

Continuing, he stated: “As for the agreement with Dangote, we are now awaiting the design of the 35km stretch excluding the portion that has been completed, about 7km, by the previous administration around Mile 2 area. From the design, we will determine the cost and the scope of works which we hope can be executed quickly.

As this government promised, we will solve the Apapa and Port congestion problem.”

Fashola equally noted that the government would restore toll plazas on Nigerian roads it is currently reconstructing. He noted that the fares for the toll gates could be paid using cards to minimise instances of cash payments.

“We have also concluded traffic surveys on 51 major highways and now have current traffic data on these roads and we can project vehicular traffic movement for tolling and concession purposes.

“We have concluded preliminary designs for the plazas, and we are now looking at how to incorporate technology such as using contact cards, installing fibre optic, using GSM to enable people pay with minimum use of cash,” he explained.

https://www.thisdaylive.com/index.php/2017/09/16/fg-hands-over-35km-apapa-oworonshoki-expressway-to-dangote-for-repair/

lalasticlala

OK oga fash

OK oga fash.

Its seems a good move on the surface, but I hope FG wont get their hands burnt at the end.

Personally, I have some reservations about this. I dont trust that Dangote dude, he will get triple or quadruple benefits from this in addition to the fact that all the materials to be used will be supplied by his company.

This is a good move

Time for Igbo leaders to get Igbo owned banks to take over south east roads instead of paying tax that's Hausa and Yorubas would share

Next oil

Capital oil

Zenith

Uba

Fidelity

Union
Diamond
Mtn
Curtex
What's project can you do for your people in place of tax

But Igbo leaders they fall my hand

I'm tempted but I would not join politics( I need to make good money Jor )

Ok

Wow... This is mischievous

Is really not bad. Just imagine it without tribal ****

10yrs tax. Looks like a pay back for campaign donations. What happens if the country is restructured? Big risk here.

agabusta:
Its seems a good move on the surface, but I hope FG wont get their hands burnt at the end.

Personally, I have some reservations about this. I dont trust that Dangote dude, he will get triple or quadruple benefits from this in addition to the fact that all the materials to be used will be supplied by his company.

Hummm hummm wetin be this

Wetin do berger

Next is to handover Lagos to take better manager

mrvitalis:
This is a good move

Time for Igbo leaders to get Igbo owned banks to take over south east roads instead of paying tax that's Hausa and Yorubas would share

Next oil

Capital oil

Zenith

Uba

Fidelity

Union
Diamond
Mtn
Curtex
What's project can you do for your people in place of tax

But Igbo leaders they fall my hand

I'm tempted but I would not join politics( I need to make good money Jor )

What is this one saying.
So since you are lumping institutions that clearly are not owned by Igbo people,why not add stanbic IBTC ,Mobil , and British Airways to the lot

Dangote 2019

This is either because:

a) Dangote does not pay adequate taxes.
b) His taxes are stolen and corruptly spended, thanks to Sports minister, Dalong.
c) Both (a) and (b).

Who knows the answer

Wow wow wow

welcome to dangote republic of Nigeria.

agabusta:
Its seems a good move on the surface, but I hope FG wont get their hands burnt at the end.

Personally, I have some reservations about this. I dont trust that Dangote dude, he will get triple or quadruple benefits from this in addition to the fact that all the materials to be used will be supplied by his company.

Na your company for supply am before?

y

ten years loun loun
Na wa o

10 years too much cuz that road is always busy... 5years max should be enough to make his money and even excess profit

Is dangote into construction business now?
That is how nigeria is getting worse by the day!

SE needs this kind of investment kia kia

Okay nice.



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agabusta:
Its seems a good move on the surface, but I hope FG wont get their hands burnt at the end.

Personally, I have some reservations about this. I dont trust that Dangote dude, he will get triple or quadruple benefits from this in addition to the fact that all the materials to be used will be supplied by his company.

What can dangote do to the FG/Nigerians that the FG haven't done ten times to us? I support it.

Hmm

psalmson001:
Wow wow wow

Here comes d ambulance hahaha

K

Haba.....

It now dawn on me that this govt don't av any plan b4 assuming office.

Why would they exchange tax for project?
Where are the recovered loots?

So they are already making debt for their successor. Imagine, dangote not paying tax.



May God safe us from this people...


No direction



GOD BLESS NIGERIA