Senate Chief Whip urges FG to scrap tax credits for companies in Nigeria

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

Ndume, who is also a member of the Senate Committee on Appropriation, disclosed this on Wednesday during a meeting between the committee and the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

In September, the Presidential Tax Reform Committee’s Chairman, Taiwo Oyedele, said tax incentives cost N6tn annually.

The legislator representing Borno South Senatorial District in the 10th National Assembly said the President Bola Tinubu administration must make bold choices, including eliminating tax credits given to big companies under the guise of pioneer status.

Ndume said, “We have to make bold choices. We talk about tax credit; it’s spending. It should pass through the National Assembly. There is no other way.

“So, check these unlawful acts, delete them tomorrow, please, and then let’s move forward. A few people are benefiting from it. These same credits that they get for roads, till now, they didn’t do the road.”

Also, the Senate Committee on Appropriation’s Chairman, Adeola Olamilekan, said, “We have also settled on the issue of waivers that all monies be remitted to the government, and people can now request a refund.