Economy News Extra Infrastructure & Capital Projects Latest News Telecomms Transportation

Tax Credit Scheme: Globacom To Reconstruct 64 Km Ota-Idiroko Road

Globacom Nigeria, Nigeria’s leading telecommunications services provider, has been granted the permission to reconstruct 64 kilometres Ota-Idiroko road in 2022, under the Federal Government’s Tax Credit Scheme.

Minister of Works and Housing, Mr Babatunde Fashola, gave this hint on Wednesday during an inspection tour of the ongoing reconstruction of Lagos-Ibadan expressway.

According to news report by the News Agency of Nigeria (NAN), the minister was quoted as saying that the reconstruction has been contracted to the indigenous telecommunications company to handle under the new tax scheme

He said: “From Ota to Idiroko, we don’t have a contract there, but Chief Mike Adenuga of Globacom has offered to construct that road using the tax credit system.

“So, that has also started, they are doing the design and hopefully, by sometime early next year, they should mobilize to site. The real reconstruction is going to happen if we have a deal with Glo”, the minister added.

Fashola said that FERMA had conducted measurements there and will move there from the end of September if the Ogun State Government removes all the squatters, traders and settlers on the road and help manage traffic.
He explained that the state governor, Abiodun, had agreed to do that to facilitate the reconstruction project by the federal government.

The minister recalled that the Lagos-Ota-Abeokuta road contract was first awarded in the year 2000, and that at the current price the contract is now worth about N56 billion.

“This administration has revived the contract and that is why it is fifty something billion naira because at that time when it was a lot less, they didn’t fund it,” he said.
The Federal Government said last month that about 794 kilometres of road had been prioritized for construction by eligible companies through the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme.

The disclosure was sequel to the approval by the Federal Executive Council (FEC) that some companied should be involved in some key infrastructure projects as payments for their tax obligations under the Tax Credit Scheme.

Some of the companies that had benefitted under the scheme in recent times include Dangote Industries, MTN, BUA Group, Unilever Plc, Julius Berger, Access Bank, Transcorp Plc, Lafarge Plc and GZI Industries.

Minister of Works and Housing, Mr Babatunde Fashola, gave this hint on Wednesday during an inspection tour of the ongoing reconstruction of Lagos-Ibadan expressway.

According to news report by the News Agency of Nigeria (NAN), the minister was quoted as saying that the reconstruction has been contracted to the indigenous telecommunications company to handle under the new tax scheme

He said: “From Ota to Idiroko, we don’t have a contract there, but Chief Mike Adenuga of Globacom has offered to construct that road using the tax credit system.

“So, that has also started, they are doing the design and hopefully, by sometime early next year, they should mobilize to site. The real reconstruction is going to happen if we have a deal with Glo”, the minister added.

Fashola said that FERMA had conducted measurements there and will move there from the end of September if the Ogun State Government removes all the squatters, traders and settlers on the road and help manage traffic.

He explained that the state governor, Abiodun, had agreed to do that to facilitate the reconstruction project by the federal government.

The minister recalled that the Lagos-Ota-Abeokuta road contract was first awarded in the year 2000, and that at the current price the contract is now worth about N56 billion.

“This administration has revived the contract and that is why it is fifty something billion naira because at that time when it was a lot less, they didn’t fund it,” he said.

The Federal Government said last month that about 794 kilometres of road had been prioritized for construction by eligible companies through the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme.

The disclosure was sequel to the approval by the Federal Executive Council (FEC) that some companied should be involved in some key infrastructure projects as payments for their tax obligations under the Tax Credit Scheme.

Some of the companies that had benefitted under the scheme in recent times include Dangote Industries, MTN, BUA Group, Unilever Plc, Julius Berger, Access Bank, Transcorp Plc, Lafarge Plc and GZI Industries.
.

Minister of Works and Housing, Mr Babatunde Fashola, gave this hint on Wednesday during an inspection tour of the ongoing reconstruction of Lagos-Ibadan expressway.

According to news report by the News Agency of Nigeria (NAN), the minister was quoted as saying that the reconstruction has been contracted to the indigenous telecommunications company to handle under the new tax scheme

He said: “From Ota to Idiroko, we don’t have a contract there, but Chief Mike Adenuga of Globacom has offered to construct that road using the tax credit system.

“So, that has also started, they are doing the design and hopefully, by sometime early next year, they should mobilize to site. The real reconstruction is going to happen if we have a deal with Glo”, the minister added.

Fashola said that FERMA had conducted measurements there and will move there from the end of September if the Ogun State Government removes all the squatters, traders and settlers on the road and help manage traffic.

He explained that the state governor, Abiodun, had agreed to do that to facilitate the reconstruction project by the federal government.

The minister recalled that the Lagos-Ota-Abeokuta road contract was first awarded in the year 2000, and that at the current price the contract is now worth about N56 billion.

“This administration has revived the contract and that is why it is fifty something billion naira because at that time when it was a lot less, they didn’t fund it,” he said.

The Federal Government said last month that about 794 kilometres of road had been prioritized for construction by eligible companies through the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme.

The disclosure was sequel to the approval by the Federal Executive Council (FEC) that some companied should be involved in some key infrastructure projects as payments for their tax obligations under the Tax Credit Scheme.

Some of the companies that had benefitted under the scheme in recent times include Dangote Industries, MTN, BUA Group, Unilever Plc, Julius Berger, Access Bank, Transcorp Plc, Lafarge Plc and GZI Industries.

Spread the love

Leave a Reply

Your email address will not be published. Required fields are marked *