'Learn from India' - Dangote speaks as subsidiaries remit N474bn in taxes to FG in 3 years

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.

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.

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."