The tax credit for the Apapa-Oworonshoki-Ojota expressway is valued at N21.6 billion while that of Lokoja-Obajana-Kabba expressway is valued at N721 million.
Nigeria s Federal Inland Revenue Service . | April 30, 2021
Nigerian govt grants Dangote Cement $54 million tax credit
The tax credit for the Apapa-Oworonshoki-Ojota expressway is valued at N21.6 billion while that of Lokoja-Obajana-Kabba expressway is valued at N721 million.
Nigeria’s
Federal Inland Revenue Service (FIRS) on Thursday issued a tax credit certificates worth N22.3 billion to Dangote Cement Plc, for the construction of Apapa-Oworonshoki-Ojota road in Lagos and the Lokoja-Obajana-Kabba road connecting Kogi and Kwara States in the country’s north central region.
The FIRS’ executive chairman, Muhammad Nami, who was represented by Femi Oluwaniyi, coordinating director, Tax Operations Group, made this disclosure while presenting the two tax credit certificates to Dangote Cement in Abuja, an Arisetv report said.
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The Federal Inland Revenue Service (FIRS) has issued two tax credit certificates worth N22.3 billion to Dangote Cement Plc, for the construction of Apapa-Oworonshoki-Ojota road in Lagos and the Lokoja-Obajana-Kabba road connecting Kogi and Kwara States.
This disclosure was made on Thursday in Abuja by the FIRS’ executive chairman, Muhammad Nami, who was represented by Femi Oluwaniyi, coordinating director, Tax Operations Group.
According to a report by Arise TV, Julius Berger would be handling the construction of the two federal roads, while Dangote Cement Plc is to be providing the funds.
The credit certificates issued to Dangote serve as waiver to cover the tax that Dangote Cement would have paid.
By Ndubuisi Francis
The Federal Inland Revenue Service (FIRS) has issued Dangote Cement Plc, tax credit certificates valued at N22.321 billion.
The tax credit certificates were for the construction of Apapa-Oworonshoki-Ojota road in Lagos and the Lokoja-Obajana-Kabba road connecting Kogi and Kwara States.
While Julius Berger is handling the construction of the two federal roads, Dangote Cement Plc is providing the funds.
The credit certificates issued to Dangote is a waiver to cover the tax that Dangote Cement would have paid.
The FIRS’ Executive Chairman, Mr. Muhammad Nami, gave the clarification in Abuja yesterday while presenting the two tax credit certificates to Dangote Cement.
The Federal government has granted Nigeria Liquefied Natural Gas (NLNG) company ₦20 billion tax waiver for the construction of Bodo Bonny Bridge in Rivers 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 ₦46billion. Thursday’s own is the third while the fourth is expected later in the year.
President Muhammadu Buhari signed Executive Order Seven (07) in 2020 authorizing 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 ₦120.681 billion.