Dangote Cement has been granted a $54 million (N22.3 Billion) tax credit from the Nigerian government.
The credit certificate was issued to Dangote Cement Pl the Federal Inland Revenue Service (FIRS) for the construction of Apapa-Oworonshoki-Ojota road in Lagos and the Lokoja-Obajana-Kabba road connecting Kogi and Kwara States in the country’s north central region.
The FIRS’ executive chairman, Muhammad Nami, who was represented by Femi Oluwaniyi, coordinating director, Tax Operations Group, made this disclosure today while presenting the two tax credit certificates to Dangote Cement in Abuja.
According to Arise TV News, Julius Berger would be handling the construction of the two federal roads, while Dangote Cement Plc is to be providing the funds.
The credit certificates issued to Dangote is a waiver to cover the tax that Dangote Cement would have paid.
The tax credit for the Apapa-Oworonshoki-Ojota expressway is valued at N21.6 billion while that of Lokoja-Obajana-Kabba expressway is valued at N721 million.
This is the second tax credit certificate the Federal Inland Revenue Service (FIRS) will issue to Dangote for the Lokoja-Obajana-Kabba road construction, and that a N9.5 billion tax credit certificate had earlier in 2019 been awarded to Dangote Cement for the Lokoja-Obajana-Kabba road.