FEC awards N309.9bn road contracts to Dangote

The Federal Executive Council on Wednesday approved the award of a contract to Dangote Industries for the construction of five roads totaling 274.9 km at the cost of N309.9bn to be advanced to the company as tax credit. Minister of Works and Housing, Babatunde Fashola, disclosed this while briefing State House correspondents after the Federal Executive Council meeting presided over by the President, Major General Muhammadu Buhari (retd.). “The second memorandum presented by the ministry was for the construction or the reconstruction, as the case may be, of five road projects in favour of Dangote Industries Limited, totaling 274.9 kilometres of federal roads, under the Federal Government Roads Infrastructure Tax Credit policy,” he said. “Those five roads totaling 274.9 kilometres will cost N309,917,717,251.35 to be advanced by the Dangote Industries as tax credit. “The roads, specifically, are Bama to Banki in Borno State for N51.016 billion with 49.153 kilometres; Dikwa to Gamboru-Ngal...