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Home Forums Business Matters Nigerian Government Gives Dangote N22.3 Billion Tax Waiver For Second Time In Two Years [See Why]

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    KUFRE EKPO
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    Nigerian Government Gives Dangote N22.3 Billion Tax Waiver For Second Time In Two Years [See Why]

    Dangote

    The Nigerian Government through the Federal Inland Revenue Service is waiving tax valued at  N22.321 billion for Dangote Cement Plc in the form of tax credit for the second time in two years.

    The tax credit certificates to the tune of N22.321 billion were issued to the company for the construction of the Apapa-Oworonshoki-Ojota road in Lagos as well as the Lokoja-Obajana-Kabba road connecting Kogi and Kwara States, according to The Nation’s reporting.

    This, in effect, means that Dangote Cement is making available, the funds needed for the construction of the federal roads to cover for the tax that it would have paid.

    The tax credit certificate for the Apapa-Oworoshoki-Ojota expressway is valued at N21.6 billion, while that of Lokoja-Obajana-Kabba is valued at N721 million.

    In 2019, FIRS issued a tax credit certificate valued at N9.5 billion to the company for the Lokoja-Obajana-Kabba road.

    FIRS’ Executive Chairman, Muhammad Nami, represented by the Coordinating Director, Tax Operations Group, FIRS, Femi Oluwaniyi, while presenting the certificates to Dangote Cement, said, “The government came to that reasoning that if we could encourage local investors to do the needful and of course under an agreement with some due monitoring and approvals then some of the monies they would have accrued back to government as taxes, they would have paid.”

    Receiving the certificates on behalf of Dangote Cement, Ahmed Mansur, the Group Executive Director, Government and Stakeholders Relations, stated, “It is true that the responsibility of providing public services and public facilities like roads and electricity and so on is that of the state.

    Read Also: Nigeria Lost N5.5tn To Cybercrimes In 10 Years

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