Abuse Of Tax Incentives, Waivers An Economic Sabotage – Speaker

Speaker of the House of Representatives, Dr. Tajudeen Abbas says abuse of tax incentives and waivers is an act of economic sabotage which must not be allowed to continue.

The Speaker stated this while inaugurating the Ad-hoc Committee to investigate allegations of abuse of tax incentives, tax breaks, and tax waivers by public institutions and companies benefitting from tax incentives.

Represented by the House Leader, Professor Julius Ihonvbare, the Speaker said the investigation by the House was to put an end to such economic sabotage and ensure transparency, accountability and fairness in the tax system.

According to him, tax incentives are an essential tool used by governments to promote economic growth, attract investments, and stimulate job creation.

He said further that it is crucial to ensure that these incentives offered by the government are utilized appropriately and not being misused or abused.

“the allegations that have been brought to the attention of the House suggests that some public institutions and companies may be taking advantage of these incentives for personal gain or to evade their tax obligations. Hence the establishment of this committee”.

“In carrying out this investigation, the Committee is required to thoroughly investigate these allegations and provide recommendations for necessary sanctions and reforms.

“Endeavor to find out whether the beneficiaries of these tax incentives have lived up to the conditions attached to them and if they have fulfilled their obligations to the Nigerian people as required.

“The purpose of this investigation is to end all forms of economic sabotage and ensure transparency, accountability, and fairness in our tax system.

“I therefore call on all relevant stakeholders, including government agencies, public institutions, and companies benefitting from tax incentives, to cooperate fully with the committee’s investigation for the House to have a full understanding of the tax system with a view of taking appropriate legislative actions.

Chairman of the Committee, Abubakar Makki Yalleman said taxes enable the government raise the necessary funds needed for development.

According to him, where taxes are inadequate, leakages or infractions of the system leads to narrowing of tax inflow, the government resorts to borrowings which have attendant consequences for national development.

Oduyemi Odumade, Edited By Grace Namiji