• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Tuesday, July 1, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Senate Kicks Against N17trn Loss To Tax Waivers 

As FIRS seeks stoppage of fresh N2.7trn tax credit, targets N19trn revenue in 2024

by Bode Gbadebo
1 year ago
in Business
Senate
Share on WhatsAppShare on FacebookShare on XTelegram

The Senate, through its Standing Committee on Finance, on Monday, frowned at N17trillion loss incurred by the Federal Government on tax waivers in the last five years.

Advertisement

The Red Chamber consequently urged the Federal Inland Revenue Service (FIRS) to suspend the current tax waiver policy over its alleged abuse and substitute same with a tax rebate system.

 

Our Correspondent reports that a tax rebate is a reimbursement made to a taxpayer for an excess amount paid in taxes during the year. It occurs when the taxes paid by an individual or a business – through payroll deductions or estimated payments – exceed the liability.

 

RELATED

FUEL CRISIS…Hold Marketers Responsible For Long Queues – Dangote

Dangote Refinery Slashes Petrol Price To N840

43 minutes ago
Kiss918 Table Games: A Chill Malaysian Guide To Winning Big

Kiss918 Table Games: A Chill Malaysian Guide To Winning Big

6 hours ago

The Senate’s position was disclosed during the 2024 budget presentation of FIRS to the legislative committee on Finance at the Senate Wing of the National Assembly in Abuja, on Monday.

 

This is even as the chairman of FIRS, Zacch Adedeji, who made a projection of N19.4trillion as total tax collection for 2024, insisted that the fresh N2.7trillion Tax Credit planned for road construction in the country by the Nigerian National Petroleum Company Limited (NNPCL), be stopped.

 

In his remarks at the budget presentation session, the chairman of the Senate Committee on Finance, Senator Sani Musa (APC, Niger East), told the FIRS chairman that tax waiver abuse, which has cost the country about N17trillion loss within the last five years should be suspended and substituted with a tax rebating system.

 

“Your projection of N19trillion as total tax collection for 2024 is good when compared to N11.16trillion achieved in 2023 but the Senate believes that you can can do more even to the tune of N30trillion if required measures are put in place.

 

“As impressive and encouraging the performance and projections of FIRS are under your leadership, this committee and by extension the Senate, on a serious note, urge you to look at the direction of tax waivers largely being abused with attendant and avoidable losses being incurred on yearly basis .

 

“Available records show that within the last five years, about N17trillion have been lost by the country to tax waivers.

 

“It should be suspended and possibly substituted with a rebating system,” Senator Musa said.

 

Earlier, the FIRS chairman in his presentation, informed the Senate committee that to save Nigerians from multiple taxation, FIRS, in collaboration with a committee set up by President Bola Tinubu, would reduce the 62 different taxes to only eight.

 

“President Bola Tinubu has seen the issue of multiple taxation as a pool of problems, that is why he set up the presidential committee on tax reforms and fiscal policy

 

“As of today in Nigeria, we have 62 types of taxes being collected.

 

“The sad news about that is that less than eight out of the entire 62 account for 97 per cent of the collections.

 

“We are already consulting and engaging the state governments on it

 

“At the end of the day, we won’t have more than eight or nine taxes that the state and federal governments would be collecting,” Adedeji stated.

 

On the controversy trailing the implementation of Tax Credit Scheme for road construction by NNPCL, the FIRS boss insisted that the N2.5trillion earlier committed to the scheme must be fully implemented before thinking of any fresh one.

 

He said: “Regarding tax credit, what I said was that the programme is laudable but that the N2.5trillion being spent on it by NNPCL should be exhausted before bringing fresh request.

 

“N2.7trillion fresh request being made should not be entertained because all NNPC revenue should not be spent on roads when the Ministry of Works is there,” the FIRS boss added.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

BREAKING NEWS: Nigerians can now earn US Dollars from the comfort of their homes with Ultra-Premium domains, acquire them for as low as $1700 and profit as much as $25,000. Click here to learn how you can earn US Dollars consistently.


Tags: SenateTax Waivers
SendShareTweetShare
Previous Post

TikToker Murja Kunya Moved Out Of Prison For Another Investigation — Kano Gov’t

Next Post

BREAKING: OAU VC Orders Investigation As Lion Kills Varsity Staff

Bode Gbadebo

Bode Gbadebo

You May Like

FUEL CRISIS…Hold Marketers Responsible For Long Queues – Dangote
Business

Dangote Refinery Slashes Petrol Price To N840

2025/07/01
Kiss918 Table Games: A Chill Malaysian Guide To Winning Big
Business

Kiss918 Table Games: A Chill Malaysian Guide To Winning Big

2025/07/01
External Reserves Decline $3.5bn In 6 Months
Business

External Reserves Decline $3.5bn In 6 Months

2025/07/01
Nigeria Suffers Large Drop As OPEC’s April Output Down By 440,000bpd
Business

OPEC Plans Production Increase In August To Regain Market Share

2025/07/01
State Of Emergency In Rivers: Way Forward
Business

RMAFC Lauds Tinubu For Signing Tax Reform Bills

2025/07/01
Equities Extend Losses By N345bn
Business

Stock Market Ends June Trading With N11bn Decline

2025/07/01
Leadership Conference advertisement

LATEST

Dangote Refinery Slashes Petrol Price To N840

14m Vulnerable People Risk Death By 2030 Over US Aid Cut — Study

CAC Launches AI Portal For 30-Minute Business Registration

Saint Lucia Honours Tinubu with Highest National Award

Troops Kill Terror Kingpin Yellow Danbokolo In Zamfara

Rival Kano ‘Emirs’ Sanusi II, Bayero To See Face To Face At Dantata’s Burial

1 Dies, Homes Razed As Family Members Clash Over Farmland In Plateau

Police Arrest 5 Suspected Cattle Rustlers, Armed Robbers In Yobe

WAFCON 2024: Madugu Demands More From Super Falcons

Transfer: Atalanta Insist On €50m Price Tag For Lookman

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.