According to the Federal Inland Revenue Service (FIRS), it has worked with the Ministry of Works and the Nigerian National Petroleum Company (NNPC) Limited to terminate all non-performing contracts under the road construction tax program.
The N2.73 trillion financing deficit under the program is a topic on which FIRS said in a statement on Friday that they have also decided to write and submit to President Bola Ahmed Tinubu.
The FIRS said that on Friday in Abuja, its chairman, Zacch Adedeji, had a private meeting with the NNPC chief financial officer (CFO), Umar Ajiya, and minister of works, David Umahi.
FIRS stated that the purpose of the meeting was to talk about the tax credit arrangement with the previous government.
“The ECFIRS had previously stated that whilst the Tax credit project is important, the method with which the Tax credits were issued was an aberration to the roles of the FIRS, NNPC and Ministry of Works,” the tax agency said.
FIRS reported that at the discussion, the parties decided to stick with the president’s directive and keep the tax credit program in place.