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Business

FG grants N22.3 billion tax credit to Dangote Cement

The FIRS has announced the issuance of tax credit certificates valued at N22.321 billion to Dangote Cement Plc.

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Dangote Cement Plc. appoints Ms. Berlina Moroole as non-Executive Director

The Federal Inland Revenue Service (FIRS) has announced the issuance of tax credit certificates valued at N22.321 billion to Dangote Cement Plc.

The tax credit certificates were for the construction of Apapa-Oworonshoki-Ojota road in Lagos and the Lokoja-Obajana-Kabba road that goes through Kogi and Kwara States.

This disclosure was made by the Executive Chairman of FIRS, Muhammad Nami, who was represented by the Coordinating Director, Tax Operations Group, FIRS, Femi Oluwaniyi, at the certificates presentation event to Dangote Cement.

READ: Aliko Dangote’s net worth falls by $1.4 billion in Q1 2021 amid stock market sell-off

The tax credit certificates for the Apapa-Oworoshoki-Ojota expressway is valued at N21.6 billion while that of the Lokoja-Obajana-Kabba expressway is valued at N721 million. Dangote Cement is receiving the second tax credit certificate from FIRS for the Lokoja-Obajana-Kabba road project.

Yesterday was the second time that FIRS will be issuing a tax credit certificate to Dangote Cement for the Lokoja-Obajana-Kabba road because, in 2019, a N9.5 billion tax credit certificate was issued to Dangote Cement for the same expressway.

READ: Dangote Sugar Refinery denies collusion with Flour Mills to create sugar scarcity

Dangote Cement Plc is providing funds for the reconstruction of the 2 federal roads which are sub-contracted to Hi-Tech and Julius Berger construction companies.

According to FIRS’ Executive Chairman Muhammad Nami, the gesture was to compensate the cement manufacturer with a tax payment waiver.

What the FIRS Chairman is saying

Nami said: “Government came to that reasoning that if we could encourage local investors to do the needful and of course under an agreement with some due monitoring and approvals, then some of the monies they would have accrued back to government as taxes, they would have paid.

It will be in the interest of the government that other investors, business entrepreneurs, companies take advantage of this key initiative such that Nigeria can develop faster than the government would have done alone.

We are hoping that this arrangement will be taken to another level, we are also believing that this will spur other business players out there to come and take advantage of it.

READ: Dangote Cement joins MTN in the trillion-naira club, as 2020 revenue surpassed N1 trillion

What you should know

  • The issuance of tax credit certificates followed the signing of Executive Order 07 of 2019 by President Muhammadu Buhari, which is on road infrastructure tax credit.
  • The order encourages companies to develop infrastructure around their operational area as long as it will enhance their delivery and their businesses.
  • Although it is the responsibility of the government to provide public services and public facilities like roads and electricity, among others, the prevailing economic realities has made that difficult to achieve, thus the involvement of the private sector in the provision of infrastructure.

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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    Business

    FG declares Wednesday, Thursday public holidays

    The Federal Government has declared Wednesday 12th and Thursday 13th May as public holidays to mark the 2021 Eid-ul-Fitr celebration.

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    The Federal Government has declared Wednesday 12th and Thursday 13th May as public holidays to mark the 2021 Eid-ul-Fitr celebration.

    This was disclosed in a social media statement issued by Dr. Shuaib Belgore, the Permanent Secretary of the Ministry of Interior, on behalf of the Minister, Ogbeni Rauf Aregbesola on Monday.

    What the Minister said

    The Minister of Interior, Ogbeni Rauf Aregbesola, while making the declaration on behalf of the FG today in Abuja, congratulated the Muslim faithful on this occasion and called on all Nigerians, at home and abroad to use the period of this year’s Eidul-Fitr celebration to pray for peace, stability and economic transformation in the land.

    Aregbesola who believes that development cannot thrive in a rancorous atmosphere, urged all Nigerians to be law-abiding and embrace the spirit of love, self-discipline, kindness and tolerance, as taught by the Holy Prophet Mohammed (Peace Be Upon Him). He also called on all security agencies in the country to be more courageous and patriotic to surmount the ongoing battle against resurging insecurity and activities of criminal elements in Nigeria.

    He assured that the resolve of the President Muhammadu Buhari-led administration to end the scourge of crime and criminality in the country and restore peace to every nook and cranny of Nigeria was sacrosanct.

    “This administration will not be deterred in its efforts, until every Nigerian and resident of the country, is free to move around without fear of any threat to his/her life and property. We are therefore putting necessary measures and strategies in place to strengthen the stability of the country as well as ensuring economic prosperity of our dear nation,” he emphasised.

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    Business

    Insecurity: Police to investigate threats by IPOB, Oodua Republic agitators in Lagos

    The Lagos State Police Commissioner has revealed that threats by IPOB and Oodua Republic have come under its intelligence radar.

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    The Nigerian Police says it will investigate threats made by separatist groups including the Indigenous People of Biafra (IPOB) and agitators of Oodua Republic to attack soft targets in Lagos.

    This was disclosed by Hakeem Odumosu, Commissioner of Police in Lagos State in a meeting to discuss insecurity in the state at Alausa in Ikeja, on Monday, according to a Vanguard report.

    What the Police is saying about alleged IPOB and Oodua Republic threats in Lagos

    “Our intelligence report revealed that, most miscreants now: Use abandoned buildings as hideouts and in most cases, initiation camp, use uncompleted buildings, dwelling house and hotels to hibernate before and after the commission of a crime,” the Police Chief said.

    Furthermore, the threat of IPOB to attack soft targets in Lagos is equally being put on the radar of the command intelligence gathering and other security services in the state. Strategies are being put in place to neutralize their activities.

    Similarly, the command has taken notice of agitators for the Oodua Republic by some Yoruba separatist groups and the threats to disrupt law and order in the state. 24 of these groups have been identified and are being closely monitored.

    The command is using this medium to solicit for the support of all and sundry to be vigilant at all times and report any suspicious person or movement to security agencies. Let us adopt the slogan of “when you see something, say something,” he added.

    What you should know

    Today, the Lagos State Police Command said in a statement that: “Increase in robbery incidents were as a result of people migrating from troubled states down to Lagos. The government and relevant security agencies including RRS are doing their best in protecting members of the public.”

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