"Learn From India": Dangote Lectures FG as Subsidiaries Remit N474 Billion in Taxes to FG in 3 Years
- Companies owned by Aliko Dangote, the billionaire businessman, remitted a total of N474 billion in taxes to the Nigerian government
- Dangote Cement paid the highest taxes in the period under review, with N412 billion in tax payment
- In that light, Aliko Dangote, the chairman of Dangote Group, asked the Nigerian government to learn from India and automate the tax system
Dangote Industries Limited enhanced Nigeria's revenue with tax payments of about N474 billion in three years.
Dangote Cement, Dangote Sugar Refinery Plc, and NASCON Allied Industries, subsidiaries of Dangote Industries Limited, are all quoted on the Nigerian Exchange Limited.
Source: Getty Images
Dangote Cement pays 87.2% taxes to Nigeria
An analysis of the remittances showed that Dangote Cement Plc, Africa's largest Cement producer, accounted for 87.2% of the money, paying about N412 billion into the treasury of the Nigerian government in three years consecutively.
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Punch reports that two smaller subsidiaries of Dangote Industries Limited, Dangote Sugar Refinery and NASCON Allied Industries, paid N55.38 billion and N5.39 billion, respectively.
Further analysis of Dangote Cement's tax remittances showed that N97.24 billion was paid at the end of the financial year in 2020, N173.93 billion in 2021, and N141.69 billion in 2022.
Dangote cites India as example, asks for automated tax system
According to the Chairman of the Dangote Group, Aliko Dangote, the tax payments by the subsidiaries of the Group show its position that early and accurate tax payments are a duty for everyone who wants to see real growth and development.
The statement released by the Corporate Communications Unit of Dangote Industries Limited said that the firm believes that the government can only provide social services to Nigerians with tax collection.
According to Daily Daily Trust, Dangote asked the Nigerian government to automate the tax system in Nigeria and applauded the Presidential Committee on Fiscal Policy and Tax Reforms.
The Billionaire businessman said the Committee should consider automating the tax system, citing the Indian example.
He said:
"They should look at automating the tax system like they did in India. If you go to India today, the country collects at least $1 trillion in various taxes."
"On petroleum products alone, India makes $100 billion yearly because they charge 100 per cent on petroleum products. So, I suggest that people pay taxes, and if you pay, you demand services from the government. I think it is a social contract."
“It’s not true”: Investigation reveals price of Dangote Cement in Benin Republic
Legit.ng reported that The allegation that went viral a fortnight ago on social media that Dangote Cement was selling a bag of 50kg cement in Nigeria at an excessive rate of N5,200, while it sells the same quantity in Benin Republic at N1,500 is untrue.
While the company does not export the product to Benin Republic, the country serves as a transit route to Togo.
Findings showed that the average price of a 50kg bag of cement in the West African country is N6,216, about 4,200 CFA.
Source: Legit.ng
