Federal Executive Council (FEC) has approved the sum of N309.9bn road contract for Dangote as tax credit
Gatekeepers News reports that the Federal Executive Council (FEC) presided over by President Muhammadu Buhari, yesterday, approved the award of contract to Dangote Industries Limited for the construction of five roads totalling 272.9 kilometres at the cost N309.917billion, which would be converted to tax credit for the company.
Babatunde Fashola, Minister of Works and Housing, stated this at a press briefing at the end of the meeting which had in attendance, Vice President Yemi Osinbajo, Secretary to the Government of the Federation, Boss Mustapha, and Ibrahim Gambari, the Chief of Staff to the President and some selected cabinet ministers, while other cabinet members participated virtually from their respective offices.
Fashola explained that the road contract, which was the second approved for the ministry by council, under the Federal Government Roads Infrastructure Tax Credit policy, was one of the strategic partnerships with the private sector.
“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.”
Gatekeepers News the minister listed the roads to include 49.153 kilometres Bama to Banki in Borno State awarded at the cost of N51.016 billion; Dikwa to Gamboru-Ngala, 49.577 kilometres in Borno State for N55.504 billion; 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 and the 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; the Obele/Ilaro/Papalanto to Shagamu Road, 100 kilometres in Ogun State, in the sum of N79.996 billion.
Senior Special Assistant to the President on Media and Publicity, Garba Shehu, said council approved the formalisation of the Police Special Service in the interest of transparency and accountability.
Also speaking, Minister of Health, Osagie Ehanire announced that Council approved procurement contracts for his ministry worth N8.6 billion, one of them for the procurement of test kits for HIV/AIDS.
