Infrastructure Development: Federal Government grants NLNG N20bn Tax Waiver

The Federal Government has granted the Nigerian Liquefied Natural Gas (NLNG) company a ₦20 billion-tax waiver for the construction of Bodo Bonny Bridge in Rivers State, Southern Nigeria.

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

The NLNG has so far received three credit certificates in the last three years valued at ₦46 billion. The latest 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.

“For this, the government has granted the company a tax waiver of ₦20 billion”, said the Executive Chairman, FIRS, Muhammad Nami, represented by Coordinating Director, Tax Operations Group, Mr. Femi Oluwaniyi, who urged other corporate bodies across the country to join the NLNG and Dangote Nigeria Limited to take advantage of government’s tax credit facility.

Oluwaniyi praised 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 the NLNG, Mr. Bayo Denrele said the NLNG provided 50 percent part funding for Bodo Bonny Bridge project with the Federal Ministry of Works taking up the other half, while Julius Berger handled the construction of the bridge.

Denrele commended the FIRS for speedily processing the latest tax credit certificate:

“The company got the last certificate in November 2020. The speed with which the FIRS handled the issuance of this certificate is a testament to the efficiency of the FIRS”.

Dangote Nigeria Limited is another company that has enjoyed tax waiver for providing infrastructure.

Amaka E. Nliam