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FG grants NLNG N20bn tax waiver

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Emma Ujah, Abuja Bureau Chief

 

The Federal government has granted Nigeria Liquefied Natural Gas (NLNG) Company a ₦20 billion tax waiver for the construction of Bodo Bonny Bridge in Rivers State.

Executive Chairman of the Federal Inland Revenue Service (FIRS) Mr. Muhammad Nami, represented by Coordinating Director, Tax Operations Group, Mr. Femi Oluwaniyi, presented the Road Infrastructure Credit Certificate (RICC) to LNG in Abuja, yesterday.

 

The N20 billion Credit Certificate is NLNG’s third waiver in the last three years, with a total of ₦46billion.   

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RICC is one of the strategies for mobilizing private sector financing for critical infrastructure, for which President Muhammadu Buhari signed Executive Order Seven (07) in 2020.

The Executive Order authorizes companies to spend their funds in in the provision of critical infrastructure like roads and receive tax waivers equivalent of their investments.  

The Bodo Bonny Bridge and roads across Okpobo channels in Rivers State were constructed by Julius Berger at a cost of ₦120.681 billion. 

 

Mr. Nami commended the NLNG for paying its 2020 tax obligations valued at ₦130 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 Bodo Bonny Bridge project with the federal ministry of Works taking up the other half.

He also commended the FIRS for promptly processing the latest tax credit certificate, following the last one received by the company in November 2020.

 

According to Mr. Denrele, “the speed with which the FIRS handled the issuance of this certificate is a testament to the efficiency of the FIRS”.

Vanguard News Nigeria

The post FG grants NLNG N20bn tax waiver appeared first on Vanguard News.

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