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.”
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