The Nigerian National Petroleum Company Limited has deducted a sum of $525.09m from its remittances to the Federal Inland Revenue Service as part of the Road Infrastructure Tax Credit Scheme.

According to the report, NNPCL made monthly deductions of $52.51m from the amount due to FIRS for Joint Venture Gas and Company Income Tax between February and November 2024.

These deductions were earmarked for the RITCS, a scheme designed to enable private companies to invest in critical road infrastructure and offset their tax liabilities.

The report read, “Members may recall that the Sub-Committee reported that NNPCL had made deductions in respect of the Road Infrastructure Tax Credit Scheme from the amount due to FIRS JV Gas and CIT taxes. So far, as of November 2024, the sum of $52,509,484.28 was deducted bringing the total amount to $525,094,842.80.”

However, the state representatives at the meeting expressed concerns about the continued deductions by the national oil firm despite complaints from committee members.

At its August 2024 meeting, the members called for a suspension of the deductions, emphasizing that the responsibility of road construction lies with the Federal Government.

Source: PUNCHNG