FIRS issues ₦37.3 billion tax credit certificate to NLNG for Bonny-Bodo road construction

FIRS issues ₦37.3 billion tax credit certificate to NLNG for Bonny-Bodo road construction
The Federal Inland Revenue Service (FIRS) has given a tax credit certificate worth N37.28 billion to Nigeria Liquefied Natural Gas (NLNG) Limited for the development of the Bonny-Bodo road in Rivers state.

This was stated by FIRS in a statement issued over the weekend.

NLNG is one of the companies building roads under the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme, a federal government effort aiming at addressing the "infrastructure gap."

According to the announcement, Olalekan Ogunleye, NLNG's deputy managing director, who represented the company's CEO, Philip Mshelbila, received the certificate at a recent handover ceremony 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.