FG Tax Incentives Probe Finds N8 Trillion Annual Leak
Nigeria loses N8 trillion yearly through tax incentives and waivers, according to the House of Representatives Ad Hoc Committee on Tax Review. The 19-member panel, chaired by James Faleke (APC, Lagos), is investigating federal incentives granted between 2015-2025. Key focus areas include Export Expansion Grant, RT200bn FX Programme, Pioneer Status Incentive and oil/gas incentives. Committee cites paradoxical situation: low tax-to-GDP ratio (10.6%) despite N12.4 trillion projected from incentives. Goals include assessing real economic impact, ensuring transparency, and restoring confidence in investment policies. Phased review begins with four priority areas. Committee emphasizes not targeting legitimate businesses but strengthening incentive administration.