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Senate Kicks As Nigeria Lost N17trn To Tax Waivers
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By Chukwuka Kanu
The Senate Committee on Finance on Monday frowned at the N17 trillion the federal government lost to tax waivers within the last five years.
It urged the Federal Inland Revenue Service (FIRS) to suspend the tax waivers and substitute it with a rebating system.
The committee’s chairman, Senator Sani Musa (APC, Niger) during the 2024 budget presentation of FIRS at the National Assembly, said the tax waivers, which he said have been abused, should be suspended.
“Your projection of N19 trillion as total tax collection for 2024 is good when compared to N11.16 trillion achieved in 2023 but the senate believes that you can do more even to the tune of N30 trillion if required measures are put in place.
“The Senate urges you to look at the direction of tax waivers largely being abused with attendant and avoidable losses being incurred every year.
“Available records show that within the last five years, about N17 trillion have been lost by the country to tax waivers.
“It should be suspended and possibly substituted with a rebating system,” he said.
The chairman of FIRS, Zacch Adedeji, who projected N19.4 trillion as the targeted tax collection for 2024, insisted that the fresh N2.7 trillion tax credit for road construction by the Nigerian National Petroleum Company Limited (NNPCL) should be stopped.
He told members of the committee that to save Nigerians from multiple taxation, the FIRS, in collaboration with the panel constituted by President Bola Tinubu, would reduce the 62 different taxes to 8.
“We are already consulting and engaging the state government on it. At the end of the day, we won’t have more than eight or nine taxes that the state and federal government would be collecting,” he said.
On controversy trailing the implementation of the tax credit scheme for road construction by NNPCL, the FIRS boss insisted that the N2.5 trillion earlier committed to it must be fully implemented before thinking of any fresh one.
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Finally, IGP approves hunger protests across Nigeria
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The Nigerian police has finally approved the planned nationwide protests and outlined conditions for participants.
The Inspector General of Police, Kayode Egbetokun, revealed this on Friday while addressing journalists in Abuja.
He urged all groups planning to participate in the proposed nationwide protest to submit their details to the Commissioners of Police in their respective states.
The police boss said this was to ensure the protest was peaceful.
Egbetokun said, “We acknowledge the constitutional right of Nigerian citizens to peaceful assembly and protest.
“However, in the interest of public safety and order, we urge all groups planning to protest to provide necessary details to the Commissioner of Police in the state where the protest is intended to take place.
“To facilitate a successful and incident-free protest, they should please provide the following information: state the proposed protest routes and assembly points; expected duration of the protest; and names and contact details of protest leaders and organisers.”
The police boss said the information expected from the organisers also include measures to prevent hijacking by criminal elements, as well as key identifiers for possible isolation of potential troublemakers.
By providing the information, he said, the police will be able to deploy adequate personnel and resources to ensure public safety.
He said the police needed to know the specific routes and areas for the protest to avoid conflicts with other events or activities.
Mr Egbetokun said the police will “establish clear communication channels with protest leaders to address any concerns or issues that may arise; minimise the risk of violence, property damage, or other criminal activity.
“We encourage all protesters to cooperate with the police, obey the law, and adhere to global best practices for peaceful assembly to guarantee a safe and successful exercise of their rights.
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Reps North-West Caucus Beg Youths, Citizens In The Region Not To Join Planned Protest
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Reps Applaud FCT Minister, Wike On AICL Improved Revenue, Infrastructure
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