Dangote Group granted tax waiver

Dangote Group granted tax waiver

Dangote Group has been granted tax waivers by the federal government after one of its subsidiaries agreed to repair Lokoja-Obajana-Kabba road.

The arrangement was disclosed by Works, Power and Housing Minister Babatunde Fashola while addressing newsmen after Wednesday’s Federal Executive Council meeting at the presidential villa, Abuja.

Fashola explained that the arrangement was not only for Dangote, but for any company and organisation willing to make pre-approved investment in state-owned infrastructure.

He said, “It is important to stress that this is not a Dangote-only issue; it is an existing tax policy that a corporate body or individual that makes investment on the infrastructure of a public nature should be entitled to make claims for remission on its income tax obligation.

“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, 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 remittances.

“So Council considered and approved the proposal for Dangote Construction Company to build that section of the road because the tonnage of cement being produced from the factory has increased and the traffic in that area has increased; there has been unfortunate accidents also.


“So it is a total economy policy which 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.

“So the details 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 obligations but they will get remission for making this investment because, ultimately, the road doesn’t belong to them but to government and it is for the benefits of Nigerians. So it is like credit advance to government.”

Tags assigned to this article:
Dangote GroupDangote group granted tax waiver

Related Articles

EFCC Operative Impregnates Teenage Canteen Worker

An operative of the Economic and Financial Crimes Commission has been accused of impregnating a teenage girl and beating her


The saga of the surreptitious attempt made by David Adeleke better known as Davido to snatch his love child from


Family and friends are growing increasingly concerned over the whereabouts of a youth corps member, Akeem Adekunle, posted to Akwa-Ibom


Other Interesting Posts

Pampers nappies "contain traces of toxic chemicals linked to deadly forms of cancer"- study
A French study has claimed that popular brand of disposable nappies, Pampers, were found to contain low levels of carcinogenics that can cause sk...
LG boss remanded over council chairmanship aspirant's murder
A Benue Magistrates Court has ordered the remand of the newly appointed sole administrator of Buruku Local Government, David Yiman, in prison cus...
Fayemi nominated wife for ambassador, plots to frustrate Ayodeji's confirmation, Group alleges
A group of youths across Ekiti State under the aegis Ekiti Concerned Youths(ECY) has accused former governor of Ekiti State and minister of solid...
powered by RelatedPosts