Business
FEC approves N87billion for construction of roads
FEC approved N87 billion to upscale the country’s road infrastructure across geo-political zones.
The Federal Executive Council has approved N87 billion to upscale the country’s road infrastructure in the North-Central, South-west, middle belt and South-South geo-political zones.
This was disclosed by the Ministers of FCT and Works and Housing, Muhammad Bello and Babatunde Fashola, respectively after the Council met on Wednesday at the State House, Abuja.
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The funds would be used to construct:
• A road linking Shehu Yar’adua Way with the Kubwa Expressway in the Federal Capital Territory.
• Oyo–Ogbomosho and,
• the Loko – Oweto bridge.
READ: Third Mainland Bridge closure: Lagos says alternative routes are in good shape
The FCT Minister explained that the road linking Shehu Yar’adua Way with the Kubwa Expressway in the Federal Capital Territory, would serve the adjourning districts of Mabushi, Kado, Katampe and Jahi as well as generally enhance overall decongestion of traffic in phases I, II, III and IV of the FCT development plan, according to the News Agency of Nigeria (NAN).
What they are saying
Muhammad Bello said, “During the FEC meeting of today, there was an approval of a contract for the full-scale development of arterial road which we call N-20, which is the road that is linking Shehu Musa Yar’Adua way, also called the northern park way, with the Murtala Mohammed way, popularly known as the Kubwa expressway.
“This project involves the full-scale construction of that road, including a number of bridges and the normal telecommunication, power and water lines in line with the general standard of roads in the FCT.
“It is a contract of N30, 686, 609, 000, with a completion period of 32 months and the project is within phase II of the federal capital city.”
Fashola disclosed that the two memoranda presented by his ministry were also approved by the Council.
He said, “The first one related to the Oyo-Ogbomosho highway, which is the 52-kilometer part of the Ilorin – Ibadan 145-kilometer highway. The remaining part is the Oyo to Ogbomosho part which is 52 kilometers.
“We needed to adjust some things in the scope of work, the thickness of the pavement from 500mm to 560mm to also change the asphalt to polymer-modified bitumen and also the shoulders from surface dressing to fully asphalted inside and outside shoulder.”
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Speaking on the second project he said: “The second similar project we are trying complete is the Loko-Oweto Bridge. That is the bridge across the River Benue that links Nasarawa and Benue states and provides a major time-saving detour, about four hours, for people trying to come from south-south, Benue, through to Nasarawa to Abuja.
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“So, the approval given today was a N9.348 billion variation to complete the bridge component or remaining work on the bridge.”
Business
FIRS to commence recovery of all outstanding tax debts and penalties from January 1, 2021
The FIRS has stated that it shall recover all outstanding debt with penalties and interest from January 1, 2021.
The Federal Inland Revenue Service (FIRS) has disclosed that its waivers on penalties and interest on outstanding taxes arising from desk examinations, audit exercises, investigations, or all other forms of tax assessment will close on December 31, 2020.
Hence, effective from January 1, 2021 the Service shall recover all outstanding debt with penalties and interest, in accordance with the provisions of the extant tax laws.
This disclosure was made by Abdullahi Ismaila Ahmad, the Director of Communications and Liaison Department, Federal Inland Revenue Service, in a press release issued on December 2, 2020.
Consequently, the Executive Chairman, FIRS, Mr. Muhammad Nami, in a notice urged taxpayers to use the advantage of the remaining days of this month to settle their tax obligations in order to enjoy all subsisting waivers offered thereof by the Service.
(READ MORE: FIRS issues deadline for to obtain Tax Identification Number)
The Executive Chairman in the reminder notice tagged “Public Notice on the Recovery of Outstanding Taxes from Taxpayers”, disclosed that FIRS in recent times, has issued a series of palliatives for the waivers of penalties and interest on outstanding taxes.
He explained that the Service had noticed that some taxpayers are yet to take advantage of the palliative windows opened to cushion the effect of the challenges of the economy on taxpayers.
Mr. Nami, however, called the attention of taxpayers to the last window of opportunity for the waiver of outstanding penalties and interest on all taxes collectible by the Federal Inland Revenue Service, which will close on 31st December 2020.
What they are saying
Mr. Muhammad Nami, in the reminder notice, said:
“The Service has observed that some taxpayers are yet to take advantage of the palliative windows opened to cushion the effect of the challenges of the economy on taxpayers.
“Furthermore, the Service wishes to put all taxpayers on notice that the last window of opportunity for the waiver of outstanding penalties and interest on all taxes collectible by the Federal Inland Revenue Service shall close on 31st December 2020.
“Consequently, all concerned taxpayers are hereby put on notice that after the expiration date of 31st December 2020, the Service shall recover all outstanding debt with penalties and interest, in accordance with the provisions of the extant tax laws such as ‘the power of substitution’ conferred on it by Section 31 of the Federal Inland Revenue Service (Establishment) Act 2007.”
Business
N117 billion approved by FG for road rehabilitation
Babatunde Fashola has disclosed that the FG has approved the sum of over N117 billion for road rehabilitation across the country.
Business
$1.3 billion Malabu oil field sale was perfect – Dan Etete
Nigeria’s former Petroleum Minister has said that the sale of the $1.3 billion Malabu oil field to Shell and Eni in 2021 was legally perfect.
Dan Etete, former Nigerian Minister of Petroleum has said that the $1.3 billion sales of Malabu oil field to Shell and Eni in 2021 was legally perfect, with zero traces of corruption in the deal.
He disclosed this on Wednesday through his lawyer, Antonio Secci, in a Milan Court, investigating the cases of bribery and corruption related to the deal, as reported by Reuters.
READ: Why Nigeria is suing Royal Dutch Shell and ENI for $1.1bn
In Wednesday’s hearing, Dan Etete’s lawyers called for the former Nigerian Minister to be acquitted of corruption charges related to the deal.
Reuters disclosed that 13 other people are involved in the corruption case including CEO of Eni, Claudio Descalzi.
READ: Court adjourns trial of Shell, Eni officials over bribery allegation in Nigeria
The accused pleaded non-guilty and said that the proceeds of the deal were paid into accounts owned by the Nigerian Government.
The ex-Shell executives also accused in the case will have a hearing on the 9th of December.
What you should know
Multinational oil companies, Eni and Shell, paid $1.3 billion in 2011 to acquire OPL 245 offshore field.
The payment was to a company called Malabu, which was owned by Nigeria’s former Oil Minister, Dan Etete.
However, Italian prosecutors claim that most of the payments were kickbacks to Nigerian government officials. Italian prosecutors also claim that nearly $1.1 billion was stolen by Nigerian politicians and middlemen, with Dan Etete keeping half.
READ: $85 Million Malabu oil money has been refunded to FG
Nigeria’s Minister of Justice, Justice Abubakar Malami, reported in July that the Dutch and Swiss governments were expected to send the sum of $200 million from the OPL 245 Malabu Oil deal to Nigeria.
Multinational Petroleum oil and gas giant, Royal Dutch Shell, announced that it would write down its investment in the controversial Malabu OPL 245 offshore field in Nigeria.
READ: Italian Court jails Nigerian, one other over Malabu oil deal
in June, the Federal Government tracked down and grounded a luxury private jet, owned by the country’s former Petroleum Minister, Dan Etete, over his alleged involvement in the $1.1 billion Malabu oil scam. The luxury private jet was alleged to have been purchased with proceeds from that oil deal.
Nairametrics reported that the Federal Government, on Wednesday, September 9, 2020, asked a court in Milan to order Royal Dutch Shell and Eni to pay the sum of $1.092 billion as an immediate advance payment for damages in the Malabu oil scandal.
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