Dangote Cement Receives N22.32 Billion Tax Credit

The Federal Government granted Dangote Cement Plc, Nigeria’s leading cement manufacturer, tax credit certificates valued at N22.321 billion.

Executive Chairman of the Federal Inland Revenue Service (FIRS), Muhammad Nami, who was represented by the Coordinating Director, Tax Operations Group, Mr. Femi Oluwaniyi, presented the tax credit certificates to Dangote Cement.

The two tax credit certificates are for the construction of Apapa-Oworonshoki-Ojota road in Lagos and Lokoja-Obajana-Kabba road straddling Kogi and Kwara States.

Although, it is Julius Berger that is handling the construction of the two federal roads, however, Dangote Cement Plc has been providing the necessary funding.

Therefore, the tax credits were approved by the Federal Government to cover Dangote Cement expenses on the two roads.

A breakdown of the tax credits revealed that N21.6 billion was approved for the Apapa – Oworoshoki – Ojota expressway while N721 million was granted for the Lokoja-Obajana-Kabba expressway.

Oluwaniyi said: “Government came to that reasoning that if we could encourage local investors to do the needful and of course under an agreement with some due monitoring and approvals then some of the monies they would have accrued back to government as taxes they would have paid.

“It will be in the interest of the government that other investors, business entrepreneurs, companies take advantage of this key initiative such that Nigeria can develop faster than government would have done alone”.