The Federal Inland Revenue Service (FIRS) has announced the issuance of tax credit certificates valued at N22.321 billion to Dangote Cement Plc.
The tax credit certificates were for the construction of Apapa-Oworonshoki-Ojota road in Lagos and the Lokoja-Obajana-Kabba road that goes through Kogi and Kwara States.
This disclosure was made by the Executive Chairman of FIRS, Muhammad Nami, who was represented by the Coordinating Director, Tax Operations Group, FIRS, Femi Oluwaniyi, at the certificates presentation event to Dangote Cement.
The tax credit certificates for the Apapa-Oworoshoki-Ojota expressway is valued at N21.6 billion while that of the Lokoja-Obajana-Kabba expressway is valued at N721 million. Dangote Cement is receiving the second tax credit certificate from FIRS for the Lokoja-Obajana-Kabba road project.
Yesterday was the second time that FIRS will be issuing a tax credit certificate to Dangote Cement for the Lokoja-Obajana-Kabba road because, in 2019, a N9.5 billion tax credit certificate was issued to Dangote Cement for the same expressway.
Dangote Cement Plc is providing funds for the reconstruction of the 2 federal roads which are sub-contracted to Hi-Tech and Julius Berger construction companies.
According to FIRS’ Executive Chairman Muhammad Nami, the gesture was to compensate the cement manufacturer with a tax payment waiver.
