Infrastructure: FG Grants N20bn Tax Waiver To NLNG

In a move towards encouraging infrastructural development, the Federal Government has granted Nigeria Liquefied Natural Gas (NLNG) company N20billion tax waiver for the construction of Bodo-Bonny Road in Rivers State.
The Federal Inland Revenue Service (FIRS) presented the road infrastructure credit certificate to LNG in Abuja, yesterday.
NLNG has so far received three credit certificates in the last three years valued at 46billion.
Yesterday’s document 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 Road cuts across Andoni channels in Rivers State, and is being constructed by Julius Berger at a cost of N120.681billion.
For this, the government has granted the company a tax waiver of N 20billion.
The 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.
Oluwaniyi praised NLNG for paying its 2020 tax obligations valued at 130billion three months ahead of time.
Receiving the tax credit certificate on behalf of NLNG, Mr. Bayo Denrele, said NLNG provided 50 per cent part funding for the Bodo-Bonny Road project, with the Federal Ministry of Works taking up the other half.
Julius Berger is handling the construction of the road and bridges.
Denrele commended the FIRS for speedily processing the latest tax credit certificate.
He noted that the company got the last certificate in November, 2020.
According to Denrele, “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 in the country.