The Nigerian government has unveiled plans to establish a committee to reassess the current tax exemptions granted to specific individuals and organizations in the country.
Minister of Information and National Orientation, Mohammed Idris, announced this decision following a Federal Executive Council meeting presided over by President Bola Tinubu.
Minister Idris emphasized the government’s goal to boost revenue for developmental projects aimed at enhancing the well-being of Nigerians.
The review of waivers is prompted by the Nigeria Customs Service reporting a staggering loss of over N1.3 trillion to waivers in 2023.
The proposed committee will evaluate existing waivers, allowing legally supported ones to persist while scrutinizing others in the nation’s best interest.
Minister Idris stressed the importance of this decision, citing significant financial losses incurred by the government through these waivers.
He clarified that only legally backed waivers will be allowed to continue, recognizing the imperative nature of addressing the financial impact on the government.
