Wed. Sep 22nd, 2021

FG says Dangote, BUA, Lafarge won’t pay tax for building roads

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The Nigerian government says companies like Dangote, BUA, and Lafarge will not pay tax for constructing roads across the country.

It disclosed that about 794kms of roads had been prioritized for construction by eligible companies through Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme.

According to information minister Lai Mohammed, 11 states covering the six geopolitical zones will benefit from the scheme based on Executive Order No. 7.

He identified the companies that had taken advantage of the initiative as Dangote Industries, Unilever, Julius Berger, MTN, BUA Group of Companies, Access Bank, Transcorp, Lafarge, and GZI Industries.

Mr. Mohammed explained that the companies would provide “big roads and bridges” for a tax credit.

The completed 43km Obajana-Kabba road in Kogi, considered Nigeria’s longest concrete road, was reportedly constructed by Dangote through the tax credit scheme.

“We have embarked on a very ambitious program of providing 3,000mw of electricity at the Mambilla hydropower project, which will cost about $5.8 billion,” said Mr. Mohammed. “We have been able to secure a loan from the Chinese, and they are ready to secure 85 percent of the cost while we provide 15 percent.”

He noted that “when the project is completed, it is going to be a game-changer in terms of providing power for Nigerians.’’

The minister further noted that the government had also intervened in not less than 28 road projects through Sukuk Bond.

(NAN)

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