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Senate Kicks Against ₦17tn Loss On Tax Waivers

The committee also pushed for the Federal Inland Revenue Service (FIRS) to aim for a tax revenue goal of N30 trillion in 2024.


Senate
File photo of the Senate.

 

The Senate Committee on Finance, on Monday, kicked against the loss of N17 trillion to tax waivers in the last five years.

The committee also pushed for the Federal Inland Revenue Service (FIRS) to aim for a tax revenue goal of N30 trillion in 2024.

The committee made these known when FIRS Chairman, Zacch Adedeji, led a team from the agency to an interactive session with the Senate Committee on Finance over the 2024 operational budget of the service.

At the 2024 operational budget defence session of the service, the Chairman of the Committee, Senator Sani Musa noted that the nation has lost over 17 trillion naira in five years owing to tax waivers.

On his part, Adedeji promised that the nation’s tax laws would be altered in the next few weeks to accommodate the new exigencies of the current times. He spoke against the backdrop of calls by the finance committee to completely re-engineer the tax administration in the country, largely because of the volatility of the foreign exchange rate.

Saddled with a projected tax collection of 19 trillion naira up from 12 trillion naira, the FIRS boss unravelled plans by the service to deepen collection without augmenting taxes.

He said a fresh N2.7 trillion tax credit planned for road construction in the country by the Central Bank of Nigeria (CBN) should be stopped.