FIRS issues N37.3bn tax credit certificate to NLNG for Bonny-Bodo road construction

The Federal Inland Revenue Service (FIRS) says it has issued a N37.28 billion tax credit certificate to Nigeria Liquefied Natural Gas (NLNG) Limited for the construction of the Bonny-Bodo road in Rivers state.

FIRS said this in a statement released over the weekend.

NLNG is one of the companies undertaking the construction of roads under the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme, an initiative of the federal government aimed at closing the “infrastructure gap”.

According to the statement, Olalekan Ogunleye, NLNG’s deputy managing director, who represented Philip Mshelbila, chief executive officer of the company, received the certificate at a handover ceremony recently in Abuja.

While issuing the tax credit certificate, the statement added that Mohammed Nami, FIRS chairman, commended the NLNG for its increased investments in Nigeria.

“The Service has faith in your company and increased investment it is making in our country. We look forward with optimism to the completion of your Train Seven Project for it to join the country’s tax revenue streams,” the statement quoted Nami as saying.

Nami said the FIRS management is improving its relations with stakeholders to increase revenue generation.

He added that the FIRS was energising its consultations and regular engagements with stakeholders, restructuring its administrative framework as well as driving towards full automation of core tax operations.

“You may recall that the FIRS started with the development and deployment of an in-house digital solution — The Taxpromax Solution. This solution allows taxpayers to sit in the comfort of their offices or homes to file returns, pay taxes and conduct all tax processes with us,” he added.

According to the federal government, about 794kms of road have been prioritised for construction by eligible companies through the tax credit scheme.

Dangote Industries, Unilever, Julius Berger, MTN, BUA Group of Companies, Access Bank, Transcorp, Lafarge and GZI Industries have taken advantage of the initiative.