FEC okays N309.9bn road contract for Dangote as tax credit - AMEBO ONLINE NEWSPAPER

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FEC okays N309.9bn road contract for Dangote as tax credit

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The Federal Executive Council (FEC) has approved the award of a contract to Dangote Industries for the construction of five roads totalling 274.9 kilometres at the local cost N309,917,717,251.35 to be advanced by the company as a tax credit.

Minister of Works and Housing, Babatunde Fashola, disclosed this at the end of the Council meeting presided over by President Muhammadu Buhari at the presidential villa, Abuja on Wednesday.

He said the road contract, which was the second approved for ministry at the meeting, will be executed on concrete and will be the largest of such projects in the country.

He said: “The second memorandum presented by the Ministry of Works and Housing was for the construction or the reconstruction, as the case may be, of five road projects in favour of Messrs. Dangote Industries Limited, totalling 274.9 kilometres of federal roads, under the Federal Government Roads Infrastructure Tax Credit policy, which is one of our strategic partnerships with the private sector.

“Those five roads totalling 274.9 kilometres will cost N309,917,717,251.35 to be advanced by the Dangote Industries as a tax credit.

“The roads, specifically, are Bama to Banki in Borno State for N51.016 billion with a 49.153 kilometres; Dikwa to Gamboru-Ngala, 49.577 kilometres in Borno State for N55.504 billion; the Nnamdi Azikiwe Road, popularly known as a Western Bypass in Kaduna, 21.477 kilometres, from Command Junction to Kawu, in the sum of N37.560 billion and the deep seaport access road sections 1 and 3 in Lagos State, through Epe to Shagamu Expressway, 54.24 kilometres, that links Lagos and Ogun states, in the sum of N85.838 billion; the Obele/Ilaro/Papalanto to Shagamu Road, 100 kilometres in Ogun State, in the sum of N79.996 billion.

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