Monday, June 5, 2023
No Result
View All Result
SUBSCRIBE
eNaira Online News
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion
eNaira Online News
No Result
View All Result

FG Endorses N169.72bn Private Sector Investments For Road Construction

by e-Naira Online News
May 19, 2022
in Personal Finance
Reading Time: 3 mins read
A A
0
Home Personal Finance
Share on FacebookShare on Twitter


FG To Establish Toll Plazas On Some Routes

On Wednesday, the Federal Executive Council (FEC) approved N169.7bn private sector investments for at least four road infrastructures through the government’s Tax Credit Scheme.

The roads include a 234-kilometer stretch from Bali to Sheti through Gashaka to Gembu in Taraba State at N95,232,474,010.72.

The second road, also a tax credit scheme, consists of three roads worth N74,486,577,050.

The Minister of Works and Housing, Babatunde Fashola, disclosed this to State House correspondents at the end of the council meeting presided over by President Muhammadu Buhari at the Presidential Villa, Abuja on Wednesday.

Fashola, who noted that the scheme was initiated in 2019 through Executive Order 7 signed by the President, said the arrangement allowed private sector players to finance public infrastructure instead of paying taxes and then offset it over time using tax credits.

For the 234-kilometer road in Taraba costing N95.23bn, Fashola said an N20bn under the NNPC Tax Credit Scheme would be disbursed to begin the project soonest.

“The two main memoranda (presented to the Council) relate to the uptake by the private sector in response to the tax credit program, which we initiated in 2019, by Mr. President signing of Executive Order 7 to allow private sector finance public infrastructure instead of tax and then to offset it over time using tax credits.

“So the first road awarded today on that policy initiative is the rule road from Bali to Sheti through Gashaka to Gembu in Taraba State. A total of 234 kilometers of reconstruction of that road in the sum of 95,232,474,010.62.

“The existing road, for those who are familiar with it, has no concrete stone base. It is just laterite on the asphalt, so it doesn’t last, and it’s breaking up and leading to potholes.

“So we’ve rewarded this now for reconstruction under the tax credit scheme. There’s an N20bn provision under the NNPC tax credit scheme that will be used to kickstart this immediately.

“The second road which is also the tax credit scheme, which was approved by the Council is actually three roads. The applicant, in this case, is Mainstream Energy Solutions, a major energy player in the country is now seeking to also participate in this policy by investing a total of N74,486,577, 050,” he explained.

Speaking on behalf of his counterparts in the ministries of Aviation, Power, and Agriculture, the Minister of Information and Culture, Lai Mohammed, revealed that the Council approved N3.49bn to purchase an office building in Abuja for the Ministry of Aviation.

This, he said, would cluster the various agencies under the ministry into a single location.

He also revealed that Council awarded an N553.58m contract to establish and deploy Advanced Report Generation Utility Engine Web-based Reporting Tools in favor of Messrs Sinecou Limited with a delivery date of 12 months.

In his brief, the Minister of State for Budget and National Planning, Clem Agba, said the Minister of Finance, Budget and National Planning presented a memo on Phase three of the Lighthouse program on the digital infrastructure of voluntary assets and income declaration scheme bids and tax harmonization normalization analytics and application program interface.

Related





Source link

Tags: ConstructionEndorsesInvestmentsN16972bnPrivateRoadsector
Previous Post

Top Myths About Co-Ownership In Real Estate

Next Post

CFM’s Journey To A Well-Deserved National Award

Related Posts

Prioritize your finances: Debt management for parenthood
Personal Finance

Prioritize your finances: Debt management for parenthood

by e-Naira Online News
June 4, 2023
Newly married? These money tips for couples is vital to successful married life
Personal Finance

Newly married? These money tips for couples is vital to successful married life

by e-Naira Online News
June 4, 2023
finance tips for surviving fuel price increase in Nigeria
Personal Finance

finance tips for surviving fuel price increase in Nigeria

by e-Naira Online News
June 1, 2023
Signs that you’re living a fantasy life and its impact on your finances
Personal Finance

Signs that you’re living a fantasy life and its impact on your finances

by e-Naira Online News
May 27, 2023
Here are reliable ways to save money from your monthly salary –
Personal Finance

Here are reliable ways to save money from your monthly salary –

by e-Naira Online News
May 27, 2023
Next Post
CFM’s Journey To A Well-Deserved National Award

CFM’s Journey To A Well-Deserved National Award

NB Plc Partners With Konexa To Deliver 100% Renewable Energy To Its Kaduna Breweries

NB Plc Partners With Konexa To Deliver 100% Renewable Energy To Its Kaduna Breweries

Leave a Reply Cancel reply

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

  • Trending
  • Comments
  • Latest
Why new Kano Governor, Abba Yusuf is seizing public assets sold by Ganduje

Why new Kano Governor, Abba Yusuf is seizing public assets sold by Ganduje

May 30, 2023
Dollar To Naira Exchange Rate Today (Wed. May 31, 2023)

Dollar To Naira Exchange Rate Today (Wed. May 31, 2023)

May 31, 2023
Apple challenges Meta in virtual reality, unveils N1.6m headset

Apple challenges Meta in virtual reality, unveils N1.6m headset

June 5, 2023
Nigeria’s foreign trade falls to N12 trillion in Q1 2023

Nigeria’s foreign trade falls to N12 trillion in Q1 2023

June 5, 2023
African Development Bank To Extend Nearly $1m In Gender-Based Grants

African Development Bank To Extend Nearly $1m In Gender-Based Grants

June 5, 2023
Treasury Bills Buying Deepens Ahead Of CBN Auction

Treasury Bills Buying Deepens Ahead Of CBN Auction

June 5, 2023
Nigerian Breweries Plc To Acquire 80% Stake In Distell Wines and Spirits Nigeria Limited

Nigerian Breweries Plc To Acquire 80% Stake In Distell Wines and Spirits Nigeria Limited

June 5, 2023
The politics of subsidy, moribund refineries and independent marketers

The politics of subsidy, moribund refineries and independent marketers

June 5, 2023
Ignite Investments increase buyout price of Ardova shareholders

Ignite Investments increase buyout price of Ardova shareholders

June 5, 2023
Market sees first dip after recent rally

Market sees first dip after recent rally

June 5, 2023

Get the free newsletter

eNaira Online News

Get the latest news and follow the coverage of eNaira, Business & Financial, Stock Market, Analysis, and more from the trusted sources.

CATEGORIES

  • Banking
  • Business
  • Capital Market
  • Companies
  • Crypto
  • eNaira
  • Finance
  • Opinion
  • Personal Finance
  • Real estate
  • Uncategorized
No Result
View All Result

GET THE FREE NEWSLETTER

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 e-Naira Online News.
e-Naira Online News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion

Copyright © 2022 e-Naira Online News.
e-Naira Online News is not responsible for the content of external sites.