Nigeria loses N1.3 trillion – FIRS

The Federal Inland Revenue Services (FIRS) says Nigeria lost N1.3trillion to granting of tax waivers to companies operating in three sectors of the economy in the last five years.

Chairman of FIRS, Muhammad Nami, made the disclosure at an investigative hearing organised for revenue generating agencies in the country.

The hearing was organised by the Senate Committee on Finance.

Mr Muhammad, while making his remark, said, “When I resumed office, I realised that from these waivers alone, we reviewed just three sectors, a total sum of 1.3 trillion naira was lost as tax revenue in five years.

“This is just three sectors out of myriads of waivers that have been granted to these people.

“These people mostly are doing well and have much money from Nigeria, they exploited the lacuna in…

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