The House of Representatives Ad hoc Committee on the Review of Tax and Export Incentives, Waivers and Exemptions has lamented that Nigeria loses about N8 trillion annually due to waivers and concessions.

The Chairman of the Committee, James Faleke, who disclosed this in a statement, gave the assurance that they would continue to give periodic reviews of the exercise and be transparent in the investigation.

“You will recall that on the 13th, the House debated the above motion with vigour and serious concern. Accordingly, the House constituted an Ad Hoc Committee pursuant to Resolution HR.112/11/2025 of 13 November 2025, with a mandate to investigate revenue losses and leakages arising from the administration of these incentives and to recommend appropriate policy and legislative reforms.

“This 19-Member Ad-Hoc Committee is chaired by no less a personality than Rt. Hon. James Abiodun Faleke, who also chairs the Committee on Finance. The House was intentional about its membership

“The Committee has, accordingly, commenced a structured review of the administration and impact of tax incentives, export incentives, waivers, exemptions, and other fiscal support instruments granted by the Federal Government between 2015 and 2025.

“Available data indicate that Nigeria loses an estimated ₦8 trillion annually to such waivers and concessions. Between 2023 and 2026, the federal government projects total revenue forgone from tax incentives at ₦12.4 trillion, while the tax-to-GDP ratio remains at only 10.6%, which is among the lowest in Africa. 

“This is paradoxical and concerning, given the financial and fiscal challenges the nation is facing. The new tax regime has presented us with an opportunity to look inwards”, Faleke stated.

The Committee Chairman further explained that “This review follows growing concerns, based on the available official data and budgetary reports, that significant public revenues may have been forgone or ineffectively applied under various incentive schemes, at a time when the nation continues to face pressing fiscal, infrastructure, and development challenges.

“While these incentives were originally designed to stimulate investment, promote exports, support strategic sectors, and grow the economy, the House has resolved that it is both necessary and timely to: Assess their actual economic impact;

“Determine whether they were administered transparently and in line with due process, and ensure that Government support delivers measurable value to the Nigerian economy.

“Given the breadth and complexity of the subject matter, the Committee is conducting its work in phases. The first phase of the review focuses on four priority areas with significant fiscal and economic implications:

“The Export Expansion Grant (EEG); The RT200bn FX Programme; The Pioneer Status Incentive, and selected Oil and Gas fiscal incentives”.

He emphasised that the exercise is not a witch-hunt and should not be misconstrued as an attempt to undermine legitimate businesses or government support programmes.

“Rather, it is intended to strengthen the administration of incentives, safeguard public funds, and restore confidence in policies designed to support investment and export-led growth.

“In particular, the Committee recognises the concerns of exporters regarding outstanding obligations under the Export Expansion Grant and is undertaking an evidence-based verification process to ensure that legitimate and duly substantiated claims are validated and appropriately addressed.

“As part of its work, the Committee has requested records from relevant Ministries, Departments, and Agencies and will, where necessary, invite companies that have benefited from these incentives to provide clarification and documentation. Such engagements will be conducted transparently, fairly, and in accordance with due process.

“The Committee’s work forms part of the House of Representatives’ broader oversight responsibility and supports the Federal Government’s ongoing economic reform efforts, including the objectives of the President’s Renewed Hope Agenda to build a resilient, competitive, and productive economy.

“The House assures stakeholders and the general public that periodic updates will be provided as the review progresses”, he added.

The Federal Government of Nigeria, through the Federal Ministry of Youth Development, has strengthened its drive for youth empowerment and sustainable innovations with the receipt of upgraded solar-powered electric tricycles.

The tricycles were produced through a strategic collaboration between House of Destiny and the National Commercial Tricycles and Motorcycles Owners and Riders Association of Nigeria (NATOMORAS).

While receiving the team in her office in Abuja, the nation’s capital, the Permanent Secretary of the Ministry, Dr Maryam Ismaila Keshinro, praised House of Destiny and NATOMORAS for the innovation, stressing that the initiative would go a long way in alleviating the suffering of vulnerable youths across the country.

Dr Keshinro emphasised the significance of the partnership, describing the collaboration between the Ministry, House of Destiny, and NATOMORAS as “The three wheels of a tricycle—each essential, balanced, and mutually reinforcing in driving youth empowerment forward.”

She particularly commended House of Destiny for its commitment to addressing challenges faced by young people and vulnerable groups, underscoring the importance of structured youth engagement through entrepreneurship, skills acquisition, and sustainable business opportunities. According to her, “Empowering young Nigerians is not optional; it is a national necessity.”

She further noted that the initiative aligns with the Renewed Hope Agenda of President Bola Ahmed Tinubu, which places youth empowerment at the core of national development.

“These tricycles are not merely vehicles but instruments of employment, dignity, and self-reliance. Beneficiaries are encouraged to innovate, improve existing products, and develop solutions suited to local realities, particularly solar-powered technologies that support Nigeria’s transition to a green economy,” she added.

Earlier, the Chief Executive Officer of House of Destiny, Dr Israel Olajumoke, described the initiative as “A practical demonstration of how strategic partnerships can create meaningful employment, stimulate innovation, and provide sustainable income opportunities for Nigerian youth.”

He highlighted that the programme promotes creativity and resilience while encouraging women’s participation in traditionally male-dominated sectors, noting that empowering women and youth strengthens communities and promotes equitable access to opportunities.

Dr Olajumoke reaffirmed House of Destiny’s commitment to expanding the initiative nationwide by leveraging partnerships with the Ministry and other stakeholders to scale renewable energy solutions, deepen economic inclusion, and equip more young Nigerians with tools for self-reliance.

Also speaking, the President of NATOMORAS, Usman Gwoza, represented by the Association’s Secretary, Madonna Corosi, disclosed that 20 solar-powered upgraded tricycles were recently distributed in Yobe State, bringing the total number distributed across several states to 74 units.

She noted that the initiative promotes youth empowerment, entrepreneurship, renewable energy adoption, and broader access to economic opportunities nationwide.

The Joint Committee of the Senate and the House of Representatives has expressed displeasure over the non-release of capital funds allocated to the Federal Ministry of Interior, describing the development as a major setback to project execution and institutional performance.

The Chairman of the Senate Committee, Senator Adams Oshiomhole, alongside other members of the joint Committee, raised concerns during a budget defence session in Abuja, lamenting that the 2024 and 2025 capital budgets of the ministry had not been released.

The Minister of Interior, Mr Olubunmi Tunji-Ojo, while briefing lawmakers on Tuesday, disclosed that the ministry recorded zero percent capital budget release for two consecutive years.

According to him, no capital allocation approved for the ministry in the 2024 and 2025 fiscal years had been released, a situation he said had severely hampered project implementation and stalled critical infrastructure development under the ministry.

The former lawmaker explained that performance on capital projects during the period under review stood at zero percent, solely due to the non-release of funds.

Mr. Tunji-Ojo noted that the ministry had plans to execute several key projects across its agencies, but the absence of capital releases made implementation impossible despite budgetary approvals by the National Assembly.

Despite the funding challenges, the minister assured the lawmakers that the ministry had remained financially disciplined, consistently remitting its Internally Generated Revenue (IGR) into the Consolidated Revenue Fund of the Federation as required by law.

Members of the joint committee expressed frustration over what they described as a recurring delay in the release of budgeted funds to Ministries, Departments and Agencies (MDAs), warning that such bottlenecks undermine the effectiveness of government institutions.

The lawmakers emphasised that the National Assembly performs its constitutional duty by approving budgets and expects the executive arm to ensure timely releases for implementation.

They, however, advised officials of the ministry to prioritise projects in line with available approvals and strategic importance, to prevent cases of abandoned projects across various parts of the country.

Agencies under the Federal Ministry of Interior that appeared for the budget defence include the Nigeria Immigration Service (NIS), the Nigerian Correctional Service (NCoS), the Nigeria Security and Civil Defence Corps (NSCDC), and the Federal Fire Service.

The development has further heightened concerns over budget implementation gaps within the federal system and the implications for service delivery in critical security and internal administration institutions.