Dangote’s firms remit N473.63bn taxes to FG in 3 years

Aliko Dangote, President, Dangote Group

Three companies owned by Aliko Dangote paid a total of N473.63 billion into the coffers of the Federal Government as taxes for the past three years.

The three subsidiaries of Dangote Industries Ltd. – Dangote Cement, Dangote Sugar Refinery Plc and NASCON Allied Industries Plc – are listed on the Nigeria Exchange Limited.

Analysis of the yearly annual reports of Dangote’s three listed companies indicated that they paid N114.31 billion as tax in 2020; N187.17 billion in 2021 and N172.15 billion in 2022.

During the three years, Dangote Cement paid a total of N412.86 billion as taxes, Dangote Sugar Refinery paid N55.38 billion, while NASCON Allied Industries paid N5.39 billion.

The breakdown shows that Dangote Cement paid N97.24 billion tax in 2020, N173.93 billion in 2021 and N141.69 billion in 2022.

Dangote Sugar Refinery paid N15.85 billion in 2020, N11.97 billion in 2021 and N27.56 billion in 2022.

For NASCON Allied Industries, it paid N1.22 billion in 2020, N1.27 billion in 2021 and N2.9 billion in 2022.

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The analysis indicated that companies from Dangote Group had remained major contributors to the nation’s economy with the volume of taxes paid in the period under review.

This huge tax payment from only one of the conglomerate’s subsidiaries,

The tax payment re-affirms Aliko Dangote’s position that prompt and accurate tax payment is a duty for everyone who wishes to witness real growth and development.

President, Dangote Group, Alhaji Aliko Dangote, posited that government cannot offer social services to the citizens without tax collection.

Dangote also advised the government to automate the tax system in the county, while commending the inauguration of the Presidential Committee on Fiscal Policy and Tax Reforms

“Maybe they should look at automating the tax system, just like what 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, what I am suggesting is that people should pay tax and if you pay, you demand services from government. I think it is a social contract.

“Once people start seeing that government is using the money to do infrastructure, fund education, healthcare, whereby the citizens don’t need to go out to India or other countries for medical attention, then people would settle down and start paying taxes,” the renowned entrepreneur added.

The Star