House of Representatives, on Thursday, tasked the Federal Inland Revenue Service (FIRS) to recover all taxes totalling over N5.19 trillion owed to the Federal Government by ministries, departments and agencies.
Gatekeepers News reports that the development follows the adoption of a motion by the member representing Oredo Federal Constituency of Edo State, Esosa Iyawe.
In his words, “Audit reports from 2015 to 2019 revealed government agencies owing hundreds of billions in FIRS taxes, comprising underpayments and under-recoveries and over 5,000 companies and MDAs of the Federal Government owing N5.2 trillion in withholding taxes.”
Iyawe further argued that under-remittance and non-remittance of tax deprived the country of much-needed revenue.
He said, “The effect could be crippling on the country’s already dwindling economy.”
He contended that small-scale businesses in Nigeria were frustrated by multiple taxations by the FIRS “while states and local government authorities, multinational companies and other corporate organisations are getting the kid-glove treatment.
“To ensure that all debts in taxes owed to the federal government are duly recovered and reported back within four weeks for further legislative action.”
The N28.7 trillion 2024 Budget signed by President Bola Ahmed Tinubu has a deficit of N9.18 trillion.
Meanwhile, FIRS generated N12. 37 trillion as tax revenue in 2023.
