In a budget presentation, the Senate Committee on Finance criticized the Federal Inland Revenue Service (FIRS) for a significant N17 trillion loss in tax waivers over five years. They called for a suspension of these waivers and proposed a shift to a more controlled rebating system.
The FIRS Chairman, Zacch Adedeji, defended projections for N19.4 trillion in tax collection for 2024 but faced opposition to the planned N2.7 trillion Tax Credit for road construction by the Central Bank of Nigeria.
The Senate urged FIRS to address tax waiver misuse, emphasizing potential financial recovery and a more robust fiscal strategy. Adedeji also outlined plans to streamline taxes, reducing 62 different taxes to eight in collaboration with a committee appointed by President Bola Tinubu. The debate highlights Nigeria's fiscal challenges and the need for comprehensive reforms.
