The Federal Inland Revenue Services, FIRS says Nigeria lost about 1.3 trillion naira to granting of tax waivers to companies operating in three sectors of the economy in the last five years.
FIRS’ Chairman, Muhammad Nami made this known at an investigative hearing organised for revenue generating agencies in the country hearing organised by the Senate Committee on Finance.
The Revenue Boss, while making his remark, said when resumed office, he realised that from the waivers alone, the service reviewed just three sectors, a total sum of 1.3 trillion naira was lost as tax revenue in five years. He also noted that service issues with funding of its operations, given the huge personnel cost of the organisation.
The Group Managing Director, Nigerian National Petroleum Corporation, Mele Kyari, while making a remark, said there was the need to energise the petroleum sector to generate more fund for the country.
Earlier, President of the Senate, Ahmad Lawan in his remark, said the senate would be engaging the revenue generating agencies in the country quarterly on their revenue generating activities into the federation account.