December 7, 2023

The Chief Whip to the Senate, Ali Ndume, has called on the Federal Government to abolish tax credits given to companies operating in Nigeria.

Channels Television reports that Ndume, a member of the Senate Committee on Appropriation, made this known on Wednesday during an interactive session between the committee and the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

In September, the Chairman of the Presidential Tax Reform Committee, Taiwo Oyedele, said tax incentives gulped N6tn annually.

According to the lawmaker representing Borno South Senatorial District in the 10th National Assembly, the President Bola Tinubu administration must take bold decisions including yanking away tax credits given to big companies in the name of pioneer status.

Ndume said, “We have to take bold decisions. We talk about tax credit; it’s an expenditure. It should go through the National Assembly. There is no two ways about that.

“So, look at these illegalities, remove them tomorrow, please, then let’s move ahead. A few people are taking advantage of it. These same credits that they collect for roads, up till now, they didn’t do the road.”

Also, the Chairman of the Senate Committee on Appropriation, Adeola Olamilekan, said, “We have also agreed on the issue of waivers that all monies be paid to the government and people can now apply for rebate.”