FIRS Grants NLNG N20bn Tax Exemption

NLNG

The Nigeria Liquefied Natural Gas (NLNG) Company has been granted an N20 billion tax exemption by the Federal Inland Revenue Service (FIRS) for the building of the Bodo Bonny Bridge in Rivers State.

According to a statement released by FIRS, the tax agency presented a road infrastructure credit certificate to NLNG yesterday in Abuja.

In the last three years, NLNG has issued three credit certificates totaling N46 billion. The third is scheduled for Thursday, with the fourth coming later in the year, according to FIRS.

Julius Berger spent N120.681 billion to construct the Bodo Bonny Bridge and roads across the Okpobo channels in Rivers State. “As a result, the government has given the company a tax exemption of N20 billion,” according to FIRS.

Mr. Femi Oluwaniyi, coordinating director, Tax Operations Group, on behalf of FIRS chairman Muhammad Nami, urged other corporate bodies across the country to join NLNG and Dangote Nigeria Limited in taking advantage of the government’s tax credit facility.

Oluwaniyi congratulated NLNG for meeting its N130 billion tax obligations for 2020 three months ahead of schedule.

Mr. Bayo Denrele, who accepted the tax credit certificate on behalf of NLNG, said that NLNG provided half of the funding for the Bodo Bonny Bridge project, with the federal ministry of Works covering the other half. Julius Berger was in charge of the bridge’s construction.

Denrele praised the FIRS for processing the new tax credit certificate so quickly. He mentioned that the most recent certificate was received in November 2020. The FIRS’ efficiency is demonstrated by the pace at which this certificate was issued,” Denrele said.

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Ogbonna Ugorji

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