However, beneficiaries of this tax holiday are Dangote Sino Trucks West Africa Limited, Lafarge Africa Plc, Honeywell Flour Mills Nigeria Plc, Jigawa Rice Limited, and Stallion Motors Limited among others, a cumulative total of approximately five trillion naira. constituting 18.519% of Nigeria’s federal government 2024 budget as passed into law.
In a report launched by OXFAM, Monday 15th January 2024 titled ‘Inequality INC. Executive Summary, How Corporate Power Divides Our World and Need for a New Era of Public Action’ the Acting Country Director, OXFAM Nigeria Tijani Ahmed while citing Aliko Dangote’s economic status said he is one of Africa’s richest persons, who enjoys some of the world’s highest profit margins on cement by 45 percent, and has been paying a tax rate of 1 percent for over 15 years.
According to him, these individuals and companies’ massive gains If left unchecked, will continually widen the inequality and poverty gap and urged the government to ensure that the process of granting incentives is transparent, accountable, and well-documented to boost public access to data of beneficiaries.
