Nigeria Grants NLNG $52m Tax Waiver for Bodo Bridge Construction

 Nigeria’s federal government has granted the Nigeria LNG Limited N20 billion (about $52m) in tax waiver for the construction of Bodo Bonny Bridge in Rivers State.

The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Muhammad Nami, Thursday presented the road infrastructure credit certificate to the company in Abuja.

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

 NLNG has so far received three credit certificates in the last three years valued at N46 billion, the latest being the third while the fourth is expected later in the year.

President Muhammadu Buhari had signed Executive Order Seven 07 in 2020, authorising companies that provide critical infrastructure, including roads, to be granted tax waivers. 

The Bodo Bonny Bridge and roads across Okpobo channels in Rivers State were constructed by Julius Berger at a cost of N120.681 billion, the FIRS stated.

The FIRS boss, however, 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 the company provided 50 per cent part-funding for Bodo Bonny Bridge project with the Federal Ministry of Works taking up the balance while Julius Berger handled the construction of the bridge.

Denrele commended the FIRS for speedily processing the latest tax credit certificate, noting that the company got the last certificate in November 2020. He said: “The speed with which the FIRS handled the issuance of this certificate is a testament to the efficiency of the FIRS.”

Ndubuisi Francis and James Emejo in Abuja

 

Follow us on: