THE Federal Government through the Nigerian National Petroleum Cooperation (NNPC) has announced plans to recover $7billion (N1.5trillion) in over-deducted tax benefits from joint venture partners on major capital projects.
NNPC has also appointed an accounting firm to ascertain the exact amount due to government on the Strategic Alliance Contracts entered by Nigerian Petroleum Development Company, where $2.46billion would be recovered.
In a report submitted to President MuhamaduBuhari by the Group Managing Director of the NNPC, Dr.IbeKachikwu, the firm has commenced its assignment.
According to a statement issued by the Senior Special Assistant to President Buhari on Media and Publicity, GarbaShehu, the new measures are expected to save cost.
SOURCE: CITY BUSINESS NEWS