Nigerian government has granted a
10-year tax incentive to Dangote Group.
The incentive is for the
construction and rehabilitation of roads.
Minister of Power, Works and
Housing, Babatunde Fashola, made the disclosure in Lagos at the weekend.
He confirmed that construction of
the Apapa to Oworonshoki end of the Lagos-Ibadan expressway has been handed
over to Dangote.
Fashola disclosed that government
approved a review of the five-year limit on tax order enjoyed by the company to
10 years.
“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,” Fashola said.
He noted that pending
applications from Dangote Group were not approved by the previous
administration, which the present administration has now approved and that work
has commenced on the 42.9 km Obajana – Kabba road in Kogi State.
“The government reviewed the
five-year limit on that tax order to a 10-year period to sustain private
investment in road infrastructure, because it is a long-term asset.”
“Government reviewed the order by
amending individual investment to include groups of individuals because not all
potential investors can individually muster the resources alone but can do so
as a group, and recover their pro-rated share.
“As for the agreement with
Dangote, we are now awaiting the design of the 35 km stretch excluding the
portion that has been completed, about 7 km, 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. I can only tell you that the
solution is now on the way,” he said.
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