Port Harcourt - The federal government will receive about N160 billion as Company Income Tax (CIT) from the Nigeria Liquefied Natural Gas Limited (NLNG) in 2004.
This is the first CIT to be paid by the NLNG since establishment 14 years ago, reports ThisDay
The company has been enjoying tax holiday from the federal government since 1999, when it started production. The tax holiday, which has now expired, was enabled by the company’s Act to help it stabilise and remain viable.
Baba Jolayemi Omotowa, the company’s Managing Director, projected that the company stands strong enough to even pay over $1 billion taxes in the coming years.
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