Would you like to receive notifications on latest updates of the following headlines?

FG Exempts Dangote, 106 Coys from Paying Tax until 2026

POSTED ON April 1, 2024 •   BUSINESS      BY Abiodun Saheed Omodara
Nigeria Coat of Arms

The Federal Government has exempted the Dangote Industries Limited, Mikano International and other 105 companies from paying taxes until 2026. 

The 107 companies invested N2.49 trillion in  sectors that include manufacturing, solid material, pharmaceuticals, information and communication, trade, construction, waste management, electricity and gas supply, tourism, and infrastructure, among others. 

The federal government also increased the number of beneficiaries enjoying Pioneer Status under the Industrial Development Income Tax Act by 24 from 83 in the first quarter of 2023 to 107 firms by the fourth quarter of 2023. 

This was disclosed in the latest Pioneer Status Incentive reports released to Newsmen by the Nigerian Investment Promotion Commission and obtained by our correspondent. 

An analysis of the PSI report showed that while the requests of 79 firms were newly received, 211 firms are pending; 56 companies had their applications approved in principle, while 19 firms were granted incentive extensions for another three years to 2026. 

“Approvals-in-principle are subject to the payment of application fees and only take effect after the payment of such fees,” the report stated.
Rocketparrot report that the pioneer status is an incentive offered by the Federal Government, which exempts companies from paying income tax for a certain period. 

This tax exemption can be full or partial.
Offered under the Industrial Development Income Tax Act with tax reliefs for a three-year period, the incentive is generally regarded as an industrial measure aimed at stimulating investments in the economy. 

The companies that have benefitted include Dangote Fertilizers, Mikano International Limited, Sinotrucks West Africa Limited, West African Cubes Limited, Jigawa Rice Limited, JMG Nigeria Limited, Rain Oil Limited, Okpella Cement Plc, Greenville Liquified Natural Gas Company Limited
More included GZ Transport and Logistics Nigeria Limited, African Foundries Limited, Royal Pacific Group Limited, Kunoch Hotels Limited, Princess Medi Clinics Nigeria Limited, Medlog Logistics Limited, and Masters Liquefied Gas Company Limited.
Others included Aarti Rolling Mills Limited, Von Automobile Nigeria Limited, Ikorodu Steel Mills Limited, Confluence Metals Fabrication Company Limited, Cormart Nigeria Limited, Tiamin Rice Limited, Outsource Global Technologies Limited, Crown Flour Mills Limited, Elvis Hotels Nigeria Limited, Olam Hatcheries Limited, among others.

READ ALSO
33 African Startups Cease Operations in 30 Months Amid Shift to Sustainability
BY Abiodun Saheed Omodara July 30, 2025 0

In the last 30 months, from January 2023 to mid-2025, approximately 33 startups in Africa ceased ope...

READ ALSO
Nigerian Financial Institutions Urged to Adopt Real-Time Tools to Combat Rising Fraud
BY Abiodun Saheed Omodara July 30, 2025 0

Financial institutions in Nigeria and throughout Africa have been encouraged to implement real-time...

READ ALSO
NDLEA Conducts Public Auction of Properties Linked to Drug Trafficking
BY Abiodun Saheed Omodara July 30, 2025 0

The National Drug Law Enforcement Agency (NDLEA) held a public auction yesterday for houses that wer...

READ ALSO
FG Plans Re-Privatization of Power Discos Amidst Legislative Changes
BY Abiodun Saheed Omodara July 29, 2025 0

The Federal Government may proceed with the sale of 11 power distribution companies through a re-pri...

READ ALSO
Lagos, Ogun Set for 25-Day Power Outage: Maintenance Work Begins July 28
BY Abiodun Saheed Omodara July 28, 2025 0

Lagos State and some areas of Ogun will undergo a power outage lasting 25 days, beginning on July 28...

READ ALSO
FG Mandates GPS Coordinates for Capital Projects Over N150 Million in 2025
BY Abiodun Saheed Omodara July 25, 2025 0

The Federal Government has required that all Ministries, Departments, and Agencies provide the Globa...

READ ALSO
FG Urges Project Accountants to Prioritize Integrity in Fund Management
BY Abiodun Saheed Omodara July 25, 2025 0

The Federal Government has cautioned project accountants and financial officers to prioritize care a...

READ ALSO
Electricity Tariffs: Power Firms Push Back Against State Negotiations
BY Abiodun Saheed Omodara July 24, 2025 0

On Wednesday, energy commissioners from all 36 states announced their willingness to engage with pow...

OUR CHANNELS:

IGP Egbetokun Addresses Plight of Retired Police Officers
BY Abiodun Saheed Omodara July 30, 2025 0

The Inspector-General of Police, Kayode Egbetokun, stated on Tuesday that many retired police office...


Shettima Highlights Food Sovereignty in Tinubu's Emergency Declaration
BY Abiodun Saheed Omodara July 30, 2025 0

Vice President Kashim Shettima provided insights into the motivations behind President Bola Tinubu&r...


CAC Demands Annual Returns to Avoid Deregistration
BY Abiodun Saheed Omodara July 30, 2025 0

The Corporate Affairs Commission (CAC) has initiated a new round of removing companies that have not...


Oyo State Government Seizes Goods from Unregistered Veterinary Practices
BY Abiodun Saheed Omodara July 30, 2025 0

The Oyo State Government on Tuesday shut down 15 veterinary outlets and seized goods valued in milli...


Nigerians Must Go: Ghanaians Rally Against Alleged Mass Prostitution and Ritual Killings
BY Abiodun Saheed Omodara July 30, 2025 0

Some Ghanaians have expressed their discontent with Nigerians, accusing them of engaging in mass pro...


SGF Urged Northern Politicians to Postpone Presidential Aspirations Until 2031
BY Abiodun Saheed Omodara July 30, 2025 0

The Secretary to the Government of the Federation, Sen. George Akume, has urged politicians from the...


Ola Aina Reflects on Frustrating Tottenham Experience that Changed His Career Path
BY Abiodun Saheed Omodara July 29, 2025 0

A defender for the Super Eagles, Ola Aina, has shared that he nearly signed with Tottenham Hotspur w...


CAF Announces Record $10.4 Million Prize Pool for 2024 African Nations Championship
BY Abiodun Saheed Omodara July 30, 2025 0

The Confederation of African Football has revealed an unprecedented total prize pool of $10.4 millio...


Victor Osimhen Set to Join Galatasaray: €75 Million Transfer from Napoli Finalized
BY Abiodun Saheed Omodara July 30, 2025 0

Victor Osimhen is expected to arrive in Istanbul this week as Galatasaray prepares to introduce the...


Fayose Endorses Tinubu, Oyebanji for 2027 Elections
BY Abiodun Saheed Omodara July 29, 2025 0

Former Ekiti State Governor, Ayodele Fayose, has officially endorsed President Bola Tinubu and Gover...


More Articles

Load more...

Menu