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FG grants N20bn tax reprieve to NLNG

To aid the construction of Bodo Bonny Bridge in Bayelsa State, the Federal Government, Thursday, granted Nigeria Liquefied Natural Gas (NLNG) company N20 billion tax waiver. The Federal Inland Revenue Service (FIRS) presented the road infrastructure credit certificate to LNG in Abuja. NLNG will receive four tax waivers valued at N46billion.

Two credit certificates have already been issued for two completed projects. Thursday’s own is the third while the fourth is expected later in the year. President Muhammadu Buhari signed Executive Order 07 in 2020 authorising companies that provide critical infrastructure like roads to be granted tax waivers.

The Bodo Bonny Bridge constructed by Julius Berger cost NLNG N120.681 billion. For this, the government has granted the company a tax waiver of N20 billion. 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 N130 billion 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 Bodo Bonny Bridge project with the Federal Ministry of Works taking up the other half. Julius Berger handled the construction of the bridge. Denrele commended the FIRS for speedily processing the latest tax credit certificate, adding 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.

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