Fidelity bank card banner Camano banner

FEC approves Dangote’s proposal to build Obajana-Kabba road

By News Express on 19/05/2016

Views: 2,115


The Federal Executive Council (FEC) on Wednesday approved the proposal for Dangote Construction Company to use cement to build a section of the Lokoja- Obajana-Kabba-Ilorin road.

The Minister of Power, Works and Housing, Mr Babatunde Fashola, disclosed this while briefing State House correspondents on the outcome of the Federal Executive Council meeting in Abuja.

He said the company would be executing the road project in exchange for some tax remissions.

“The memo presented to council for consideration seeks to take benefits of the existing policy and regulation.

“It seeks to take benefits of tax policies, tax laws for the purpose of using them to drive infrastructure development renewal.

“So, we presented a proposal by one of the subsidiary of Dangote group, a construction company, for the construction of a section of Lokoja-Obajana-Kabba-Ilorin road; specifically, the section between Obajana-Kabba Road using cement as demonstrative of how perhaps we should continue to build, going forward in order to reduce maintenance on the road and the company proposing to fund the construction of that section of the road in exchange for some tax remissions.”

According to the minister, companies are ordinarily supposed to pay income tax‎, but there are existing policies in the nation’s laws which enable government to consider and give taxes incentives.

He, therefore, stated that the council’s approval for the construction of the section of the road was meant to address the increasing cases of road accidents occasioned by increased heavy traffic in the area.

“So, is a total economy policy which the Council considered and approved because it gives support to industry.

“It enables us take benefit of our tax law to renew infrastructure at a time where we are really challenged for resources to finance all our routes.

“It also enables us to save lives by quickly and urgently rebuilding that road so that other commuters who also depend on that road for their livelihood would also benefit from the road.”

It is important to stress that this is not a Dangote only issue, it is an existing tax policy that corporate or individual that makes investment on the infrastructure of a public nature should

The minister further explained that government would continue to promote economic policy that would stimulate investment in infrastructure renewal or in any other area that “government feels it needs private sector to compliment its efforts in such area.

“So, the detail is about 30 per cent income tax obligation spread over time.

“It doesn’t mean they won’t pay tax, they will continue to pay their tax obligation but they will get remission for making this investment because ultimately the road doesn't belong to them but to government and is for the benefits of Nigerians.

“So, is like credit advance to government.”

Also briefing the correspondents on the outcome of the FEC meeting, the Attorney-General and Minister of Justice, Alhaji Abubakar Malami, said the Council approved a draft bill on Financial Payment and Settlement System.

He said that the bill was meant to enhance transparency and financial discipline in all monetary dealings by the Federal Government.

In his contribution, the Minister of Information and Culture, Alhaji Lai Mohammed, said government was doing all it could to cushion the effect of the hike in pump price of fuel.

He stated that the 2016 budget had made adequate provision for palliative measures to address the possible hardship arising from the increase in the fuel price.

Mohammed, particularly, noted that the N5.5billion set aside for school feeding programme would trigger agricultural revolution in the country.

According to him, many Nigerians will go into farming activities to meet the food demands of millions of Nigerians.

The minister dismissed the insinuation that government would jail any worker that embarked on industrial strike as a result of the hike in pump price of fuel.

The Minister of Labour and Employment, Mr Chris Ngige, said a 15-man committee had been constituted by his ministry to look into issues raised by the Nigeria Labour Congress (NLC).

He stated that the committee, which was given two weeks to complete and submit it report, would also look into the issue of the proposed increase in National Minimum Wage as being advocated by the NLC.

Ngige, who frowned at ongoing strike action by the Ayuba Wabba-led faction of the NLC, said the action was illegal and against the injunction of the National Industrial Court, which ruled that the action should be suspended, pending the determination of the Federal Government’s suit against the NLC.

He, therefore, reminded workers of the implications of violating the court order, saying that six months jail term or an option of fine was awaiting violators of such order. (NAN)

•Photo shows Aliko Dangote.               

Source News Express

Posted 19/05/2016 05:01:28 AM

 

 

CLASSIFIED ADS

 

You may also like...
NUJ bans chapels without elected officers from SEC...

UBA Ruby Account offers more exclusive perks for...

CBN releases audited financial statements, adopts new accounting...

Hate speech to be considered an act of...

Ekiti Guber: Fayemi wins at Supreme Court

Dogara inspects PDP Convention Venue, speaks on Accreditation...

Wike, Amaechi clash at police station •INEC cancels...

US charges 2 Chinese engineers with stealing trade...

7 IPOB members in court over alleged murder,...

Group alleges brewing genocide plot against Ndigbo

Ex-Governor and 6,000 others dump PDP for APC...

Saraki: Judiciary has demonstrated impartiality, independence, says Kwara...

 

Latest News Past leaders to face trial for economic sabotage — AGF Fatunmbi jailed in U.S for $8.3m healthcare fraud, fined $1m Anambra power tussle claims 3 lives Buhari to wade into Minimum Wage impasse Nigerian serial robber jailed in U.K Ogun: Abiodun, Amosun’s loyalists clash over control of APC Secretariat Woman sells own new born for N.5m in Imo EFCC arrests Kwara TV GM, 3 others over land fraud Germany attack: Ekweremadu gets hero’s welcome in Enugu Court orders FG to renew Shell’s licence Ex-wife, children of prominent U.S surgeon found dead in apparent murder-suicide FG deploys permanent secretaries to new ministries

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (530,427 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (439,127 views) Shameless Genevieve Nnaji exposes breasts in public (384,106 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (323,262 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (290,824 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (251,517 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (246,393 views) 10 cars more expensive than Jets (233,755 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (228,355 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (214,586 views) Lagos plane crash: Journalist releases victims’ names (193,345 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (191,250 views)

 

CBN milk production

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (98) Business & Economy (4,407) Business Verdict (79) Columnists (1,097) Complaints & Requests (95) Enterprise & Opportunities (215) Entertainment (648) Features (796) Global Business Monitor (423) ICT Monitor (58) International (3,858) Interview (198) Live Commentary (30) Love Matters (166) Maggie's Blog (387) News (50,341) Opinion (1,332) Pidgin (17) Politics (11,336) Religion (1,088) Sports (2,135) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera