- Dangote Denies Tax Holiday for Apapa Road Construction
The management of Dangote Group has debunked speculations that the company would benefit from a 10-year tax holiday after constructing the 35-kilometre Apapa to Oworonshoki end of the Lagos-Ibadan Expressway.
The company made this denial at a media briefing in Lagos on Monday.
The Group Executive Director, Strategy, Portfolio Development and Capital Projects, Dangote Industries Limited, Mr. Devakumar Edwin, explained that rather than being granted a tax holiday for the construction of the road, the firm would be bankrolling the road construction project and since the government would not be paying for the work, the firm would use its tax to offset the payment over a period of three years.
He said while the company had volunteered to collaborate with Flour Mills Plc and the Nigerian Ports Authority for the repair of the two-kilometre Apapa/Wharf road, estimated to cost N4.3bn, as part of its Corporate Social Responsibility and at no cost to the Federal Government, the construction of the Apapa/Oworonshoki highway would be done at 15 per cent to 25 per cent less than the lowest bid.
He maintained that the company had never benefitted from any tax waivers or credits in its entire history except when they were industry-based and applied to all its competitors as well.
Edwin said, “It is very painful when some people accuse our company of benefitting from 10 years’ tax rebate from the government. There is nothing like tax credit in all these. We volunteered to construct the Apapa/Oworonshoki long highway at a cost that will be about 15 to 25 per cent less than the lowest bid on the road.
“We hope to get back our money after three years by removing the sum from the tax we are supposed to pay.”
The company, according to him, has proposed to the government to reduce 50 per cent of the total cost of the road from its proposed tax on the first year after completion, and 25 per cent of the costs for two years from its proposed tax.
He added, “The government came forward and said, you guys are repairing the road, good enough but this road is very important to all Nigerians. Is it possible to help us do proper road construction of 35 kilometres from Apapa to Oworonshoki?”
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Nigeria’s Presidential CNG Initiative Allocates N100bn for CNG Buses and EV Adoption
The Presidential Compressed Natural Gas (CNG) Initiative has allocated N100 billion to expedite the deployment of CNG buses nationwide, according to a statement released on Wednesday.
The initiative, designed to catalyze an Auto-gas and Electric Vehicle (EV) revolution in mass transit and transportation, aims to enhance sustainability and cost-effectiveness.
The statement revealed that the fund would be instrumental in supporting the adoption of auto-gas and electric vehicles, signaling a commitment to a more sustainable and economical future in the transportation sector.
The Presidential CNG Initiative plans to leverage over 11,500 CNG and electric-fueled vehicles, along with the deployment of 55,000 conversion kits.
This strategic approach is intended to reduce transportation costs for Nigerians and mitigate the challenges posed by the rising cost of living.
Under the Renewed Hope Agenda, the Presidential CNG Initiative is dedicated to realizing the President’s vision, guided by its steering committee led by FIRS Chairman Zacch Adedeji.
The statement highlighted recent achievements, including strategic technical partnerships and the ongoing commissioning of CNG Conversion centers in key states such as Lagos, Abuja, Kaduna, Ogun, and Rivers.
Several more centers are slated for commissioning in the coming weeks, reflecting the initiative’s momentum and commitment to achieving its objectives.
Nigeria’s Power Transformation: 53 Projects Worth N122bn on Track for May 2024 Completion
The Central Bank of Nigeria (CBN), in collaboration with the Transmission Company of Nigeria (TCN) and power distribution companies, is set to complete 53 power projects by May next year.
Valued at N122 billion, these projects aim to add over 1,000 megawatts to TCN’s wheeling capacity.
During a recent tour of three ongoing projects in Lagos, TCN’s Programme Coordinator, Mathew Ajibade, assured that the projects were not abandoned, refuting speculations.
He confirmed that work is progressing smoothly and is expected to be completed by May 2024, as initially planned.
Assistant Director/Head of Infrastructure Finance Office at the CBN, Tumba Tijani, highlighted the CBN’s support for the power sector, revealing that the bank released a loan at a 9% interest rate in August last year for the projects.
The funding, part of the Nigeria Electricity Market Stabilisation Facility-3, amounts to N122,289,344 and aims to address transmission/distribution bottlenecks, enhance supply to end-users, and unlock unutilized generation capacity.
Tijani disclosed that N85.43 billion has been disbursed into the Advance Payment Guarantee account of the 53 contractors responsible for executing the projects.
The comprehensive project list includes the delivery of power transformers, re-conductoring existing transmission lines, upgrading existing substations, and constructing 33KV line bays.
The initiative reflects a concerted effort to enhance Nigeria’s power infrastructure and meet growing energy demands.
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