Dangote Group receives 10-year Tax incentive from FG

The Federal Government considered the Group’s support in renovating and construction of roads in the country
Babatunde Fashola, Dangote group
Babatunde Fashola
Minister of Power, Works and Housing, Babatunde Fashola has disclosed that the Federal Government has granted Dangote Group a 10-year tax incentive.

The Minister said: “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 utilize.”

According to Fashola, Federal Government also approved review of the five-year limit on tax order to 10 years.

He noted: “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.
The 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.”

Fashola stated that Dangote group would take over the construction of some roads including the Lagos-Ibadan expressway.

Again, concerning the issue with traffic jam at Apapa road in Lagos, the Minister emphasized that the Government would resolve the problem soon.

He said: “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.”
However, the Nigerian Customs in Osun state seized a trailer loaded with about 3,000 cartons of frozen Turkey, belonging to Dangote Group, few weeks ago.

The trailer driver was reported missing, while the motor boy was arrested by Customs.

Report also notes that the contraband products worth N47,250,000.00.

ALSO READ: Dangote endorses N200 billion to launch University of Technology in Abuja

The Nigerian Customs finally buried the contraband products, vowed to arrest the driver of the truck.

Surge It

1 COMMENT

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.