The Senate has called for a review of tax waiver policies in Nigeria that will either cut it down or eliminate it
This is as the Senate through its Committee on Appropriation also called for a review that would ensure that all “waivers” are appropriated for in the proposed budget for 2024.
The chairman senate committee on appropriation Solomon Olamilekan said this on Wednesday at its continued interaction with relevant stakeholders on ways to shore up revenue for the implementation of the proposed 2024 budget.
He asked the Federal Government to reduce the waiver provisions or outright cancellation
Nigeria’s Minister for Finance and Coordinating Minister for the Economy, Wale Edun confirmed that the country lost approximately N3 trillion to “Waivers” in 2023.
The Senate committee advised the Federal Government to ensure that all monies belonging to it be remitted into the Consolidated Revenue Fund of the Federal Government even as it gave the Minister three days to come forward with a comprehensive payroll performance for 2023.
Also before the committee , Chairman, Federal Inland Revenue Service, FIRS, Zacch Adedeji also called for a quick change in government spending pattern that will eliminate MDAs and make it possible for the Federal government to pay directly to contractors and deduct its taxes.
The FIRS boss however insisted that tax target of N19 trillion for 2024 is achievable.
The Senate is however disappointed at the failure of the Group Managing Director of the Nigeria National Petroleum Company Limited, NNPCL, Mele Kyari to appear before it and other Committees of the senate
The Senate appropriation committee grants Kyari and the Chief Executive Officer of the Nigeria Upstream Regulatory Commission, NUPRC 24 hours to appear before it with all the list of individuals and companies operating OML licenses.
The Senate Committee also met with the Accountant General for the Federation, the Nigerian Ports Authority as it races to complete work on the proposed 2024 budget.
Editor : Ena Agbanoma
