The Nigerian Senate has resolved to probe the various waivers, taxes, and incentives granted to corporate entities by the federal government.
The senate resolution was sequel to the second reading of a bill seeking to amend the Federal Inland Revenue Act of 2007, to provide for single Agency Administration of corporate tax holidays, import duty waivers, and investment incentives.
A majority of the senators supported the bill, arguing that Nigeria cannot afford to continue granting waivers and tax holidays while also borrowing to fund its basic needs.
President of the senate Ahmad Lawan while refering the bill to the committee on finance, confirmed that an ad-hoc commmittee will be set up to uncover the issues involved, and help government to recover it’s revenues.
“We are in a very difficult time, and the periods when some of these laws were made, Nigeria was experiencing oil boom with government not necessarily bothered about other sources of revenue.
“But now, the situation is different, and we know better which is why we must help the government to explore other revenue sources especially in the non-oil sectors,” he emphasised.
Senate has read for the second time, two bills seeking to improve Nigeria’s import/export standards, and to empower by Law, government’s social investment programmes.
All the three bills read for the second time were referred to the relevant committees, with a mandate to report back to senate in plenary within four weeks.