NLNG Gets N20bn Tax Waiver

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.

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 ₦46 billion. Thursday’s certificate is the third while the fourth is expected later in the year.

President Muhammadu Buhari had signed Executive Order Seven (07) in 2020 that authorizes 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 for ₦120.681 billion.

For this, the government has granted the company a tax waiver of ₦20 billion.

Executive Chairman of the FIRS, Muhammad Nami, represented by Coordinating Director, Tax Operations Group, Femi Oluwaniyi urged other corporate bodies across the country to join NLNG and Dangote Nigeria Limited to take advantage of the government’s tax credit facility.

Oluwaniyi praised NLNG for paying its 2020 tax obligations valued at ₦130 billion, three months ahead of schedule.

Receiving the tax credit certificate on behalf of NLNG, Bayo Denrele said NLNG provided 50 per cent part funding for the 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 also commended the FIRS for speedily processing the latest tax credit certificate, whilst also noting that the company got the last certificate in November 2020.

Bayo Denrele said: “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 waivers for providing critical infrastructure.