FEC awards N20.6bn road con­tracts in Kwara, Plateau

Daily Trust - - NEWS - By Isi­aka Wak­ili

The Fed­eral Ex­ec­u­tive Coun­cil yes­ter­day ap­proved N20.6 bil­lion for the con­struc­tion of roads in Plateau and Kwara States.

Ad­dress­ing State House re­porters af­ter the FEC meet­ing, the Min­is­ter of Works, Power and Hous­ing, Ba­batunde Fashola, listed the con­tracts as the Pankshin-Balang-Ye­lengGindiri Road in Plateau (N10.4bn) and the ShaarePatigi Road in Kwara (N10.2bn).

Fashola said the Fed­eral Gov­ern­ment had been able to legally re­cover the N119 bil­lion li­a­bil­i­ties in­her­ited form the old Min­istry of Power “Where a judg­ment of N119 bil­lion had been signed against the Fed­eral Gov­ern­ment, as a re­sult of acts of of­fi­cials of gov­ern­ment, who var­ied the pres­i­den­tial ap­proval with­out seek­ing fur­ther di­rec­tive from him and then awarded the con­tract on that ba­sis.

“So the party who was the ben­e­fi­ciary of that con­tract which they sub­se­quently sought to with­draw went to court and got a judg­ment.”

Min­is­ter of In­dus­try, Trade and In­vest­ment, Okechukwu Enelamah said the coun­cil ap­proved the amend­ment of the list of pi­o­neer in­dus­tries and prod­ucts.

He said the pi­o­neer in­cen­tive scheme, gov­erned by the In­dus­trial De­vel­op­ment In­come Tax Re­lieve Act, would af­ford a tax hol­i­day of between three and five years to en­able such in­dus­tries boost their ac­tiv­i­ties and grow.

He stated: “This doesn’t de­prive us of rev­enue but rather help us to gain rev­enue. It’s ba­si­cally an in­cen­tive to make peo­ple en­ter the mar­ket, en­ter new in­dus­tries and in­vest more.

“If you make a new in­vest­ment in any of those sec­tors, where we haven’t reached ma­tu­rity, we will wel­come those in­vest­ments and you will be al­lowed a tax hol­i­day of between three to five years, to en­cour­age you for the in­vest­ments you have made, af­ter which you will pay your taxes reg­u­larly.”

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