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22 Things To Know About The Oshodi-apapa Expressway - Travel (2) - Nairaland

Nairaland Forum / Nairaland / General / Travel / 22 Things To Know About The Oshodi-apapa Expressway (18473 Views)

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Re: 22 Things To Know About The Oshodi-apapa Expressway by odimbannamdi(m): 5:54pm On May 24, 2019
deepwater:
Greatest scam ever!
Dangote evaded tax remittance in tune of 10 years
TINUBU HITECH pocked money from the deal and will take 2 years to repair a 35km road that was originally built in 3 years.
EFCC is pursuing Naira Marley up and down
EMEFELE audio said the NGN 2billion is for something for EFCC
JTF has a station at Mile2 up feeding heavily on all trailers, It take 15k to make a u-turn at liverpool up just at the foot of the army barrack.
GOC turns his eyes to the Lagos Lagoon as boys are delivering every evening
This one below is selling rabbits,

This is deeep
Re: 22 Things To Know About The Oshodi-apapa Expressway by ACE1010: 5:57pm On May 24, 2019
FhukaFhuka:
cheesy

Abi somebody back you AKPAKO grin grin

Re: 22 Things To Know About The Oshodi-apapa Expressway by 9jaRealist: 5:55am On May 25, 2019
AutoJoshNG:

12. The reconstruction contract was awarded to Dangote Group. In exchange, the Federal Government will grant Dangote Group a ten-year tax holiday.

13. The amount approved for the construction project was N72.9billion.

This is INCORRECT!
It's NOT a tax holiday, but a TAX CREDIT (credited towards actual accrued tax liability) and for THREE YEARS (not 10 years).


Precisely, this PPP arrangement between the federal government and the Dangote Group was made pursuant to Executive Order (EO) No. 07 of 2019 (which is NOT exclusive to the Dangote Group or to this project but also applies to several other projects undertaken by several other private sector companies), and what it actually provides is that the private infrastructure provider (in this case, the Dangote Group) shall be able to OFFSET its actual audited tax liability accrued over a THREE-YEAR PERIOD (not ten years) up to the contract amount.

The ten-years referred to in the EO is to the life of the EO itself, which was provided to remain in force for a period of ten years as from its coming into force in January 2019. The ten years does NOT refer to the period during of tax credit or relief.

In other words, the Dangote Group, in this case, shall be offset its actual audited tax liability ACCRUED OVER ANY THREE-YEAR TAX PERIOD (not over ten years) by means of a tax credit taken within the ten-year lifespan of EO No. 07 (2019) up to the contract amount of N72.9 billion. The Dangote Group (or such other private sector infrastructure provider) will nonetheless still remain liable for any tax liabilities over the contract amount of N72.9 billion (both during the three-year credit period and/or the broader ten-year lifespan of EO No. 07 of 2019).
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Re: 22 Things To Know About The Oshodi-apapa Expressway by 9jaRealist: 7:20am On May 25, 2019
HospitalityDiva:

N72.9billion for 10 years tax exception for Dangote. Personally, I think that is meager. I hope Nigerians are not being Yahoo-Yahoo-ed.
Obi1kenobi:

Dangote continues to Yahoo the Nigerian government. Already, he pays little in taxes and makes humongous annual profits from DangoteCem due to a poorly regulated cement cartel that exploits Nigerians. Now he gets a 10-year tax break for N72billion of construction work? The kind mugu the guy has made of the Nigerian government no be here, sha. Tax waivers. Import waivers. Forex waivers.
deepwater:

Greatest scam ever!
Dangote evaded tax remittance in tune of 10 years
TINUBU HITECH pocked money from the deal and will take 2 years to repair a 35km road that was originally built in 3 years.
EFCC is pursuing Naira Marley up and down
EMEFELE audio said the NGN 2billion is for something for EFCC
JTF has a station at Mile2 up feeding heavily on all trailers, It take 15k to make a u-turn at liverpool up just at the foot of the army barrack.
GOC turns his eyes to the Lagos Lagoon as boys are delivering every evening
This one below is selling rabbits,

It's NOT a tax holiday, but a TAX CREDIT (credited towards actual accrued tax liability) and for THREE YEARS (not 10 years).

Furthermore, it is NOT being afforded only to the Dangote Group. Rather, there are actually a total of SIX private sector companies that will be accorded tax credit and relief under this Public-Private Partnership arrangement made pursuant to Executive Order No. 7 of 2019. Accordingly, in addition to the Dangote Group, the others are Lafarge Africa Plc, Unilever Nigeria Plc, Flour Mills of Nigeria Plc, Nigeria LNG Limited, and China Road and Bridge Corporation Nigeria Ltd. These 6 private companies will be investing in a total of 19 road projects (totaling approximately 794.4 kilometers in 11 states across each of the six geopolitical zones).

For the avoidance of any doubt, Executive Order No. 07 provides is that private infrastructure providers shall be able to OFFSET actual audited tax liabilities accrued over a THREE-YEAR PERIOD (not ten years), within the lifespan of Executive Order No. 7, by taking a tax CREDIT (that is, a credit against such tax liabilities) up to the contract amount involved in each of the covered projects (apart from the 19 initial projects, proposals are requested from interested companies for additional projects). The only ten-year period referenced in the Executive Order No. 7 is the lifespan of the Order, which is provided to remain in force for a period of 10 years as from its coming into force in January 2019.

Accordingly, there has NOT been any 10-year tax holiday or exemption granted to the Dangote Group or the SIX other private sector companies in relation to any of the projects currently covered by Executive Order No. 7, including the Apapa-Oshodi-Oworonshoki-Ojota Road project.
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Re: 22 Things To Know About The Oshodi-apapa Expressway by tomdon(m): 10:43am On May 25, 2019
So the fg cannot construct road by itself

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