NLNG gets N20 billion tax waiver from Nigerian government

The Nigerian Liquefied Natural Gas (NLNG) has been granted a N20 billion tax waiver by the federal government for the construction of Bodo Bonny Bridge in Rivers State.

The road infrastructure credit certificate presented to the NLNG on Thursday in Abuja by the Federal Inland Revenue Service (FIRS) makes it the third credit certificate granted to it in the last three years, valued at N46 billion, with the fourth expected later this year, VON reports.

The Executive Order Seven signed by President Muhammadu Buhari in 2020 approves the granting of tax waivers to companies providing critical infrastructure.

The bridge and the roads across Okpobo channels constructed by Julius Berger cost N120.681 billion.

FIRS Executive Chairman, Muhammad Nami, while encouraging other companies to take advantage of the tax waiver offer, praised the NLNG for paying up its 2020 tax obligations of N130 billion three months ahead of time.

The NLNG revealed that it provided just half of the total funding for the project while the FG provided the other half, just as Julius Berger executed the construction of the bridge.

Bayo Denrele who received the tax credit certificate on behalf of the NLNG, commended the FIRS saying: “The company got the last certificate in November 2020. The speed with which the FIRS handled the issuance of this certificate is a testament to the efficiency of the FIRS.”