$2 billion tax remittance: MTN has payment plan with FG – Finance Minister

Nigeria’s Finance Minister, Mrs Zainab Ahmed has revealed that MTN Nigeria’s $2 billion tax repayment scheme currently includes a payment plan with the Federal Inland Revenue Service (FIRS)

The Minister of Finance, Budget and National Planning stated this in a meeting with the Commandant of the National Institute for Security Studies (NISS), Mr Ayodele Adeleke on Friday in Abuja.

This comes after MTN announced plans to fund infrastructure in Nigeria as a form of tax remittance this month.

Mrs Ahmed stated that MTN is owing the government but there has been a payment plan undertaken with the Federal Inland Revenue Service (FIRS)

“They are in Nigeria and have investments all over the country and are following through with the payment commitment made with the FIRS,” she said.

On Nigeria’s recent GDP numbers

“The most recent GDP data which reports real GDP growth of 5.01 per cent in the second quarter of 2021 is very encouraging news as it indicates the Nigerian economy is on a solid path to recovery.

“It is important to note that much of the growth was driven by the expansion of the non-oil sector of the economy where most Nigerians are employed,” she said.

She added that the Ministry of Finance, Budget and National Planning plays a critical role in ensuring the funding requirements for the various MDAs involved in achieving this objective, including the security agencies, are met in a timely and predictable fashion.

“We recognise there is still much to be done and will continue to work closely with all the relevant stakeholders in Nigeria, including the officers of the Executive Intelligence Management Course 14, who are representatives of our brave and valiant security forces, to make Nigeria a safe and secure environment conducive to sustainable development,” she said.

What you should know

The Attorney-General of the Federation and the Minister of Justice, Abubakar Malami, on January 8, 2020, withdrew a two-billion-dollar tax demand against the MTN following two years of allegation from the office of the Accountant General of the Federation (AGF) that the telecom company owed taxes from 2007 to 2017.

Meanwhile, Nairametrics reported earlier that MTN Nigeria Communications Plc has said that it will be selling 14% of its shares to over 2 million Nigerian retail investors.

This is as it has restated its planned participation in the restoration and rehabilitation of the Onitsha-Enugu Expressway through the Federal Government’s Road Infrastructure Tax Credit (RITC) Scheme.