The Federal Inland Revenue Service (FIRS) issued tax credit to the tune of N147.8 billion in 2021, to some private investors and the NNPC.

This was disclosed by Tolu Ogunlesi, the special assistant to President Muhammadu Buhari on Digital and New media on his verified Twitter handle.
Mr Ogunlesi said in 2021, FIRS issued N147.8 billion in tax credit to private investors and NNPC under Executive Order 007.
Ogunlesi tweeted, “I’ve written a lot here about Exec Order 7, under which @NigeriaGov issues tax credits to companies pre-approved to invest in building/fixing federal roads.
“In 2021 @firsNigeria issued a total of N147.8 billion in tax credit to private investors & @NNPCgroup under this EO7.”
He said the tax credit is the compensation for monies spent by the participating companies in fixing roads.
“Company seeks & receives FGN approval to spend its own money fixing a road. FGN repays the company through tax credits issued over a number of years,” Mr Ogunlesi tweeted.
He listed the names of some companies and what they have done under the tax credit and also those who had shown interest to participate.
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