Emerging report indicates that the President Muhammadu Buhari-led Federal Government has granted Africa’s Richest man, Aliko Dangote, tax waiver for 10 years.
By this Dangote will not be expected to pay tax for 10 years.
Minister of Power, Works and Housing, Babatunde Fashola, made the disclosure in Lagos, at the weekend.
“We inherited a tax incentive policy for individuals to benefit from tax remission, to recover investment made in public infrastructure like roads, which other members of the public can utilise”, Fashola said.
“The government reviewed the five-year limit on that tax order to a 10-year period, to sustain private investment in road infrastructure, because it is a long-term asset.”
“Government reviewed the order by amending individual investment to include groups of individuals, because not all potential investors can individually muster the resources alone, but can do so as a group, and recover their pro-rated share.
“As for the agreement with Dangote, we are now awaiting the design of the 35 km stretch, excluding the portion that has been completed, about 7 km, by the previous administration around Mile 2 area.
“From the design, we will determine the cost and the scope of works which we hope can be executed quickly.
“As this government promised, we will solve the Apapa and Port congestion problem. I can only tell you that the solution is now on the way”, he said.
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