The mandate of the committee is to examine the extent of the alleged abuse by public institutions and organisations, review relevant legislation, policies, and regulations governing the incentives and identify any loopholes or weaknesses that may have contributed to the alleged abuse. Photo: Radio Nigeria Archive
The Speaker of the House of Representatives, Dr Tajudeen Abbas, says the abuse of tax incentives and waivers is an act of economic sabotage which must not be allowed to continue.
The Speaker made the remark while inaugurating the Ad-hoc Committee to investigate allegations of abuse of tax incentives, tax breaks, and tax waivers by public institutions and companies.
Represented by the House Leader, Professor Julius Ihonvbare, Dr Abbas said thee investigation would bring an end to such acts of sabotage and promote transparency, accountability and fairness in the tax system.
He observed that where taxes are inadequate, “where there are leakages or where infractions of the system leads to narrowing of tax inflow”, the government resorts to borrowings, which have attendant consequences for national development.
According to him, tax incentives are an essential tool used by governments to promote economic growth, attract investments, and stimulate job creation.
“The allegations that have been brought to the attention of the House suggest 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.
The Chairman of the Committee, Abubakar Yalleman, said the investigation is not a witch-hunting exercise, but a fact-finding mission that aims to correct the abuses in the management of tax incentives and “ensure the right thing is done” for the general good.
Writing by Ibrahim Shehu; Editing by Hadiza Abdulrahman, Daniel Adejo and Tony Okerafor