Finance

Infrastructure devt: FG grants N20bn tax waiver to NLNG

In a move aimed at encouraging infrastructural development, the Federal Government has granted the Nigeria Liquefied Natural Gas (NLNG) Company N20 billion tax waiver for the construction of Bodo Bonny Bridge in Bayelsa State.

The Federal Inland Revenue Service (FIRS) presented the road infrastructure credit certificate to LNG in Abuja on Thursday.

NLNG has so far received three credit certificates in the last three years valued at N46 billion. Thursday’s document is the third while the fourth is expected later in the year.

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President Muhammadu Buhari signed Executive Order Seven (07) in 2020 authorising companies that provide critical infrastructure like roads to be granted tax waivers.   The Bodo Bonny Bridge and roads across Okpobo channels in Rivers State were constructed by Julius Berger at a cost of N120. 681 billion.  For this purpose, the government has granted the Company a tax waiver of N20 billion.

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Executive Chairman of the FIRS, Muhammad Nami, represented by Coordinating Director, Tax Operations Group, Mr. Femi Oluwaniyi, urged other corporate bodies across the country to join NLNG and Dangote Nigeria Limited to take advantage of government’s tax credit facility. He commended the  NLNG for meeting its 2020 tax obligations valued at N130 billion three months ahead of time.

Receiving the tax credit certificate on behalf of NLNG, Mr. Bayo Denrele said NLNG provided 50 percent part funding for the Bodo Bonny Bridge project with the Federal Ministry of Works taking up the other half.

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Denrele commended the FIRS for speedily processing the latest tax credit certificate. He noted that the company got the last certificate in November 2020.

Sunnews

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