₦airaland Forum

Drone95:
Nekwa Nwamino

Kwusi!

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Warning!

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State Capture!

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State capture is a type of systemic political corruption in which private interests significantly influence a state's decision-making processes to their own advantage.

The Federal Executive Council has 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.

Babatunde Fashola, minister of works and housing, stated this on Wednesday while briefing state house correspondents at the end of the FEC meeting presided over by President Muhammadu Buhari.

Fashola explained that the road contract, which was the second approved for ministry by the council, will be executed on concrete and will be the larger of such project in the country.

“The second memorandum presented by the ministry was for the construction or the reconstruction, as the case may be, of five road projects in favour of Dangote Industries Limited, totaling 274.9 kilometres of federal roads, under the Federal Government Roads Infrastructure Tax Credit policy,” he said.

“Those five roads totaling 274.9 kilometres will cost N309,917,717,251.35 to be advanced by the Dangote Industries as tax credit.

“The roads, specifically, are Bama to Banki in Borno State for N51.016 billion with 49.153 kilometres; Dikwa to Gamboru-Ngala, 49.577 kilometres in Borno State for N55.504 billion; the Nnamdi Azikiwe Road, popularly known as Western Bypass in Kaduna. 21.477 kilometres, from Command Junction to Kawu, in the sum of N37.560 billion

“Others are deep seaport access road sections 1 and 3 in Lagos State, through Epe to Shagamu Expressway, 54.24 kilometres, that links Lagos and Ogun states, in the sum of N85.838 billion and the Obele/Ilaro/Papalanto to Shagamu Road, 100 kilometres in Ogun State, in the sum of N79.996 billion.

“Council considered and approved this memorandum to facilitate the construction of 274 kilometres of concrete roads. So, this will be the largest single award of concrete roads ever undertaken by the government of Nigeria in one award.”

Fashola explained that the award of the contract to Dangote Group was consistent with funding options.

“First of all, the award is consistent with our multiple funding options, which includes engagement with the private sector,” he explained.

“Secondly, the tax credit initiative was in existence in the last administration before this government but was not utilised. So, this administration has revised it, expanded it, and has used it to construct roads like the Apapa Wharf Road, the Oworonsoki to Apapa, through Oshodi Road, by the same Dangote Group.”

“The Obajana-Kabba Road, still the Dangote Group. The Bodo-Bonny bridges and road, which Council approved last week, through the NLNG.

“There was also interest by many other companies that are being reviewed. So, it’s not unique to Dangote. So, he’s the one who has applied and we’ve been in this process. So, this is the next batch of roads that they are taking up.

“They invest their money, and then instead of when their taxes come due for payment, they net it off. That’s the circumstance. This is not concessioning, this is tax credit policy, don’t let’s mix them together.


“The policy says that anybody who wants to invest his personal resources, and it includes individuals, in any infrastructure that the public will have access to, can do so under certain conditions, which includes applying to the Ministry of Works.

“The ministry evaluates, and the Minister of Finance chairs a tax credit committee because they keep an eye on how much tax giveaway in one year, so that it doesn’t affect government’s revenue performance, once we take on the investment.

“So, it’s the committee that then approves and says go ahead, this is good, this is how much tax we’ll allow per year, and if the company is satisfied, then we go to BPP and then come to FEC.”

The other approval obtained by the works ministry was to revise the total cost of the contract for the construction of Michael Imoudu/Ganmo/Afon Junction Road in Ilorin, Kwara State.

“The policy says that anybody who wants to invest his personal resources, and it includes individuals, in any infrastructure that the public will have access to, can do so under certain conditions, which includes applying to the Ministry of Works.

“The ministry evaluates, and the Minister of Finance chairs a tax credit committee because they keep an eye on how much tax giveaway in one year, so that it doesn’t affect government’s revenue performance, once we take on the investment.

“So, it’s the committee that then approves and says go ahead, this is good, this is how much tax we’ll allow per year, and if the company is satisfied, then we go to BPP and then come to FEC.”

The other approval obtained by the works ministry was to revise the total cost of the contract for the construction of Michael Imoudu/Ganmo/Afon Junction Road in Ilorin, Kwara State.

https://www.ripplesnigeria.com/dangote-gets-n309-9bn-tax-credit-for-constructing-275km-road/

Sargeant Okechukwu?

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u don enter be dat!

Upon all the gas we've been flaring for decades?

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Illegal Dynamite?

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Wey de rest?

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UNILAG and bad news.....

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Pathetic!

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Saved....for now!

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Zoological-Republic......

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He pointed his pointy finger at them......then the surrendered?

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"I visited the British High Commissioner to Nigeria, Her Excellency, Mrs Catriona Laing with my brother Senator Chris Ngige to express gratitude over her contributions in silencing the issues of insecurities and attacks on the Nigerian force personnel championed by the Indigenous People of Biafra (IPOB), as the issue of insecurity and killing has been defeated totally in the Eastern region.

We also made it known to her that the entire Igbo elites strongly believed in one Nigeria and very much in support of President Muhammadu Buhari led government."


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Lets move.....

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May?

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P.lease

D.o

P.romptly

The Central Bank of Nigeria (CBN) on Monday said it was developing a Tertiary Institutions Entrepreneurship Scheme (TIES) to re-orientate, train and finance entrepreneurship ideas by Nigerian graduates.

The CBN Governor, Dr Godwin Emefiele, stated this in a goodwill message to the 35th Conference of Vice Chancellors of Nigerian Universities, holding at the Kano State University of Science and Technology (KUST), Wudil.

Represented by Dr Adebowale Olabimtan-Idowu, CBN Deputy Director, Development Finance, Emefiele said there was need to re-orientate youths from waiting for white collar jobs to entrepreneurship.

He said that the scheme was designed to support the development of entrepreneurial mindsets and culture, through the introduction of a platform that provides seamless access to affordable finance by graduates.

It would also assist in creating employment for many youths graduating from various institutions of higher learning in the country annually, he added.

“An estimated 600,000 graduates from our tertiary institutions enter the labour market annually, after participating in the National Youth Service Corps (NYSC) programme, seeking the already thinned out white collar jobs.

“The situation has contributed significantly to the rising youth unemployment across the country,” he said.

Emefiele said that the proposed scheme would also provide a platform for building digital skills relevant to Nigeria’s broader developmental goals.

He explained that efforts were ongoing aimed at addressing the impacts of the COVID-19 pandemic on production sectors and dwindling oil revenues in the country.


“Micro, Small & Medium Enterprises (MSMEs) portend great opportunities for addressing these gaps and accelerating economic growth by leveraging our vibrant youth population,” he said. (NAN)

https://dailytrust.com/cbn-develops-scheme-to-reduce-graduate-unemployment

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Cat owners right now.....

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Rejected..,,..,

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