For paying the highest amount of taxes to the coffers of government in the 2021 fiscal period, the Nigerian National Petroleum Company Ltd has received special commendation from the Federal Inland Revenue Service.
The FIRS made the commendation in a statement issued on Monday and signed by the Executive Chairman, Mr Muhammad Nami.
The Service generated over N6trn as taxes in the 2021 fiscal period, which is the highest amount ever collected in the history of the FIRS.
The FIRS said that the NNPC and other recognised taxpayers defied the very harsh global economic conditions imposed by the lingering COVID-19 pandemic to produce a heroic performance in tax payment, compliance and support
It said, “The FIRS is pleased to celebrate the top-performing taxpayers who contributed to her success in 2021. The Service surpassed its tax collection target in 2021, and in doing so, crossed the N6trn threshold for the first time.
“The feat recorded by the Service was made possible by the uncommon leadership of the President, Commander-in-Chief of the Armed Forces of Nigeria — Muhammadu Buhari, the active support of our supervisory Ministry, the backing of the National Assembly and its leadership as well as the cooperation of all other stakeholders in the tax area.
“To everyone who contributed to FIRS’ success in 2021, we say thank you.
Of particular importance is the contribution of our much esteemed taxpayers; they defied the very harsh global economic conditions imposed by the lingering COVID-19 pandemic to produce a heroic performance in tax payment, compliance and support.
“The combined efforts of all taxpayers made it possible for the Service to achieve the tax revenue collection of 2021 which provided our government.”
The NNPC Ltd had last year presented a symbolic cheque of N621bn under the tax credit scheme to the ministry of works and housing for the construction of 21 selected roads across the country.
The Corporation had in October last year expressed interest to invest in the reconstruction of selected federal roads in order to sustain a smooth supply and distribution of petroleum products across the country.
The road construction project which is being executed under the tax credit scheme is funded through the Federal Inland Revenue Service in accordance with President Muhammadu Buhari’s executive order 7.
Under the programme, the NNPC will construct a total of 1,804.6 kilometres of roads at a total cost of N621,237,143,897.35.
The FIRS also recognised the Nigeria Liquified Petroleum Gas Company Ltd for being a supportive tax payer, Shell Petroleum Development Company Ltd, MTN Nigeria Communications Plc, and Chevron Nigeria Ltd, among others.