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NNPCL Deducts $262.55 Million From Remittances To FIRS As Tax Credit For Road Infrastructure
The Nigerian National Petroleum Company Limited (NNPCL) has deducted a total of $262.55 million from its remittances to the Federal Inland Revenue Service (FIRS) as part of the Road Infrastructure Tax Credit Scheme (RITCS).
This is according to a report from a FAAC Post-Mortem Sub-Committee (PMSC) meeting held in August 2024 and seen by Nairametrics.
According to the report, NNPCL made monthly deductions of $52.51 million from the amount due to FIRS for Joint Venture (JV) Gas and Company Income Tax (CIT) between February and June 2024.
These deductions have been 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, a calendarized sum of $52,509,484.28 was deducted each for the months of February to June 2024 totalling $262,547,421.40.”
States kick against a deduction
However, the state representatives at the meeting expressed concerns, emphasizing that the responsibility of road construction lies with the federal government.
They argued that their share of the $262.55 million deduction should be calculated based on the existing Revenue Allocation Sharing Formulae and refunded accordingly.
However, representatives from NNPCL clarified that the deductions were preliminary estimates, with a reconciliation process set to occur at the end of the year to determine the exact amount due.
To address these concerns, the Chairman of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC) formally requested detailed information from the FIRS on the tax credits granted to NNPCL and other organizations involved in the scheme.
The report noted: “The Sub-National position was that it is the responsibility of the Federal Government to construct roads; hence, the share of the Sub-National from the $262,547,421.40 deducted should be computed based on the existing Revenue Allocation Sharing Formulae and refunded to them.
“However, the NNPCL representative explained that the deductions for the Road Infrastructure Tax Credit Scheme are estimates and that there will be a reconciliation with FIRS at the end of the year to ascertain the actual amount due.
“In order to resolve the issue, the Chairman of the Commission wrote to the Management of FIRS requesting the detailed Tax Credit granted to NNPC Ltd and other organizations. The Sub-Committee awaits FIRS’s response.”
What you should know
The Road Infrastructure Tax Credit Scheme (RITCS) enables companies with high tax profiles to construct roads in a negotiated agreement with the federal government to provide the infrastructure instead of taxes.
Last year, the Nigerian Government approved N1.535 trillion under Phase 2 of the NNPCL tax credit scheme.
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This was after the national oil company announced that it would spend N1.9 trillion in the second phase of the tax credit scheme for infrastructure development.
However, the Federal Inland Revenue Service (FIRS) recently said that it would meet with the Central Bank of Nigeria (CBN) and Ministry of Works to review about N2.59 trillion tax credit scheme meant for road repairs and construction in the country.
Zacheus Adedeji, the Chairman of the FIRS, expressed strong disapproval of the N2.59 trillion tax credit scheme initiated under the administration of former President Muhammadu Buhari. This scheme, aimed at facilitating road construction across Nigeria, was under scrutiny.
The critique came as the NNPCL said it spent about N664 billion towards refurbishing roads across Nigeria’s six geo-political zones.
However, Adedeji argued that the tax credit scheme is “unlawful” and advocated for its termination, stressing that the FIRS should strictly involve tax collection and remittance rather than funding road projects through executive orders.
Nairametrics earlier reported that the NNPCL incurred a total of N2.69 trillion as tax in the full year 2023. However, the total taxes paid by the NNPCL in 2023 was N1.17 trillion, which included N497.26 billion in income tax and N669.09 billion in royalties.
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Glo’s New TV Commercials Focus On Power Of Seamless Connection, Infinite Possibilities
Two new TV commercials from Globacom recently released, have focused on the important message of seamless and reliable connection, propping up recent network improvement efforts by the company.
The two commercials, “Road Trip” and “Department of Imagination”, both reinforce the company’s commitment to seamless connectivity for all classes of its customers.
The two commercials, apart from being highly entertaining, also highlight how Glo fits into everyone’s everyday life, while also focusing on a more connected and exciting future for all.
“Road Trip” brings a warm and familiar story to life. It follows a family journey filled with laughter and real-life moments. When Toyin Abraham Ajeyemi struggles with poor signal, the difference becomes clear after switching to Glo. From that moment, everything changes as downloads, navigation, and entertainment become seamless and easy.
At the heart of the Road Trip experience is easy access to data, with the simple message: by dialling *312#, users can easily get a plan and stay connected, keeping everything running smoothly on the go.
The commercial also features Bolaji Ogunmola and other cast members who add energy and humour to the story. As the journey continues, Glo proves to be a reliable partner, keeping everyone connected and entertained along the way.
In contrast, “Department of Imagination” takes viewers into a futuristic world where technology makes life easier and more exciting. Led by Richard Mofe-Damijo as the Professor, the story explores how ideas can grow into powerful experiences.
Experiences in this world feel smarter and more alive, from real time gaming to improved food processes shown by Hilda Baci, along with a creative tech presence brought to life by Bamike Adenibuyan(Bam-Bam). Each scene highlights how Glo is shaping a future where possibilities are endless.
From everyday moments on the road to bold ideas of tomorrow, Globacom continues to deliver strong, reliable service while looking ahead with confidence. The message in the two commercials is clear. The future is already here, and it is Glo.
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Opposition Leaders Reject Alleged Plan To Make Tinubu Sole 2027 Candidate
Opposition leaders in Nigeria have issued a communique vowing to resist any attempts by the ruling All Progressives Congress (APC) to make President Bola Tinubu the sole candidate for the 2027 general elections.
This statement followed a National Summit of opposition parties held in Ibadan, Oyo State, where several key political figures including Atiku Abubakar (PDP), Peter Obi (LP), and Rabiu Kwankwaso (NNPP) gathered to discuss a united front.
The opposition political figures made this declaration via a communique issued at the end of a meeting christened “National Summit of Opposition Political Party Leaders”.
The meeting was hosted by governor Seyi Makinde of Oyo State in Ibadan on Saturday.
It was attended by former Vice President, Alhaji Atiku Abubakar, former Senate President, David Mark, former Minister of Information, Professor Jerry Gana, Aisha Yesufu, Professor Pat Utomi and a former Minister of Sports, Solomon Dalung.
Others are former governor of Osun State, Rauf Aregbesola, former governor of Sokoto State, Aminu Tambuwal, former governor of Kano, Rabiu Kwankwanso, former governor of Kwara State, Abdulfatai Ahmed, former governor of Rivers State, Rotimi Amechi, former governor of Niger State, Babangida Aliyu among others.
The leaders of the opposition political parties in the communique vowed to resist all machinations by the ruling All Progressives Congress to foist a one-party State on Nigeria.
They vowed to resist all attempts to make Tinubu the sole presidential candidate in the 2027 general elections.
The opposition political figures also disclosed that the Chairman of Independent National Electoral Commission INEC, Professor Joash Amupitan should not be allowed to conduct the forthcoming general elections in 2027.
The communique partly read, “That we shall resist all machinations by the APC to foist a one-party State on Nigeria and fight for the survival of multi-party democracy in our country.
“That despite the onslaughts and maneuverings of the ruling party, the APC to impose President Bola Tinubu as the sole Presidential candidate in 2027; we shall field candidates and contest the 2027 Presidential and other elections.
“That we shall work towards fielding one Presidential Candidate for the 2027 elections, which shall be agreed and supported by all participating opposition parties to rescue our nation and her long suffering masses”.
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Nigerian Army Recovers Remains Of Personnel Murdered During Wedding Trip
The Nigerian Army said troops from the 82 Division has recovered the suspected remains of a soldier couple, Master Warrant Officer Linus Musa Audu and Private Gloria Mathew, who were murdered in May 2022.
In a statement shared on its official X handle, the Army said the troops acted on credible intelligence to carry out the operations on 24 April 2026 along the Ubaha Orsu axis of Orsu Local Government Area.
The operation was part of a strategic clearance and search mission aimed at dismantling the IPOB/ESN hideout in the region and locating the remains of two Nigerian Army personnel, Master Warrant Officer Linus Musa Audu and Private Gloria Mathew, who were brutally abducted and murdered by terrorists in May 2022 while on their way to their traditional wedding.
Upon receiving credible intelligence, the army reported that its troops advanced towards a suspected IPOB/ESN hideout, where they encountered heavy fire from armed criminals.
The statement said the troops engaged the terrorists decisively, successfully repelling multiple ambushes and forcing the criminals to retreat in chaos.
“The encounter further revealed the desperation and criminal nature of the group, which continues to target innocent citizens and security personnel alike,” the statement said.
After successfully clearing the camp, the Nigerian Army said the troops conducted a comprehensive search of the area, leading to the discovery of shallow graves believed to contain the remains of the slain personnel.
“The graves were carefully excavated, and the suspected remains were recovered,” the statement said.
The Nigerian Army confirmed that the recovered remains have been secured for detailed forensic analysis, including DNA testing, to definitively establish their identities.
“Efforts are also ongoing to liaise with the families of the fallen personnel to ensure proper identification and facilitate befitting burial arrangements in honour of their sacrifice.
“This operation not only underscores the Nigerian Army’s unwavering commitment to ensuring justice for fallen heroes but also highlights the continued degradation of IPOB/ESN criminal networks and infrastructure across the South East.
“The discovery of shallow graves within their camp further exposes the group’s heinous atrocities and disregard for human life.”
The Nigerian Army reassured the general public that ongoing operations will continue until all criminal elements are neutralised and lasting peace is restored across the region.
“We appreciate the law-abiding citizens for the information and urge you remain vigilant and continue to support security agencies with timely and credible information,” it added.
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