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Reps queries FG’s waiver policy

The House of Representatives Committee on Public Account, has raised concerns about the loopholes in the waiver policy of the Federal Government.

The Chairman of the Committee, Oluwole Oke, raised the concerns at the investigative hearing on the review of the audited reports submitted by the Auditor General of the Federation.

The lawmaker said some companies have been taking advantage of the loopholes in the fiscal incentive of the federal government.

Chairman of the Committee accused the management of Indorama Eleme Petro-chemical of abusing the policy by accessing multiple incentives.

Mr Oke said the Auditor-General had queried the performance of the Nigeria Customs Service, Nigerian National Petroleum Corporation (NNPC), Mining Cadastre, FIRS and the Department of Petroleum Resources.

The Executive Chairman, Federal Inland Revenue Service (FIRS), Muhammad Nami, said that the Service did not grant any tax waivers to any local or foreign investors in the country.

He stressed that the FIRS Act did not empower it to grant such tax breaks.

According to him, the investigation of the three foreign firms, started way back in 2015.

He, urged the Public Accounts Committee to always avail itself of the opportunity to work closely with the custodians of FIRS records, such as the Coordinating Directors, Directors and Tax Controllers as do other House Committees like the Committee on Finance, to enhance its investigation at any time.

Ibrahim Shehu

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