Ndume calls for abolishment of tax credits for companies in Nigeria

The demand was made during a crucial interactive session on Wednesday, December 06, 2023, between the Senate Committee on Appropriation and the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

This plea follows a revelation in September by Taiwo Oyedele, the Chairman of the Presidential Tax Reform Committee, who disclosed that tax incentives were consuming a staggering ₦6 trillion annually.

Senator Ndume, representing the Borno South Senatorial District, insisted that the administration of President Bola Tinubu must take decisive actions, including the removal of tax credits provided to large corporations under the guise of pioneer status.

"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," Ndume emphatically stated during the session.

The Senate Committee on Appropriation, chaired by Adeola Olamilekan, also expressed their stance on the matter. Olamilekan emphasised, "We have also agreed on the issue of waivers that all monies be paid to the government, and people can now apply for rebate."