Monday, November 29

Tag: Tax Credit

FEC awards N309bn road contracts to Dangote as tax credit
News

FEC awards N309bn road contracts to Dangote as tax credit

The federal executive council (FEC) on Wednesday July 14, approved the award of a contract to Dangote Industries to construct five roads totalling 274.9 kilometres at  N309,917,717,251.35 to be advanced by the company as a tax credit. Minister of Works and Housing, Babatunde Fashola made the announcement on Wednesday July 14 after the FEC meeting presided over by President Muhammadu Buhari. Fashola said the road contract which was the second approved for the ministry by the council and also consistent with funding options, will be executed on concrete and will be the larger of such project in the country.   He said;   “The second memorandum presented by the ministry was for the construction or the reconstruction, a...
FG Grants Dangote Cement ₦22.32bn Tax Credit
Business

FG Grants Dangote Cement ₦22.32bn Tax Credit

The Federal Inland Revenue Service (FIRS) has issued Dangote Cement Plc, tax credit certificates valued at ₦22.321billion. The tax credit certificates are for construction of Apapa-Oworonshoki-Ojota road in Lagos and Lokoja-Obajana-Kabba road straddling Kogi and Kwata states. While Julius Berger is handling the construction of the two federal roads, Dangote Cement Plc is providing the funding. To compensate Dangote Cement, the Federal Government has issued the company the certificates to cover for the tax that Dangote Cement would have paid. Executive Chairman of the FIRS, Muhammad Nami, represented by Coordinating Director, Tax Operations Group, Mr. Femi Oluwaniyi, gave the clarification in Abuja on Wednesday when he presented the two tax credit certificates to Dangote Cement....

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