Reps lament Nigeria’s N8trn annual loss to concessions, waivers 

The Home of Representatives Advert hoc Committee on the Overview of Tax and Export Incentives, Waivers and Exemptions, Tuesday,  lamented Nigeria’s lack of about N8 trillion yearly to tax waivers and concessions.

Chairman of the committee, Hon. James Faleke, who acknowledged this in an announcement, nevertheless, assured that the panel would proceed to present periodic assessment of the train and be clear in its investigation.

“You’ll recall that the Home debated the above movement with vigour and critical concern. Accordingly, the Home constituted an Advert Hoc Committee pursuant to Decision HR.112/11/2025 of 13 November 2025, with a mandate to analyze income losses and leakages arising from the administration of those incentives and to suggest acceptable coverage and legislative reforms.

“The committee has commenced a structured assessment of the administration and influence of tax incentives, export incentives, waivers, exemptions, and different fiscal assist devices granted by the federal authorities between 2015 and 2025.

“Accessible knowledge signifies that Nigeria loses an estimated ₦8 trillion yearly to such waivers and concessions. Between 2023 and 2026, the federal authorities initiatives whole income forgone from tax incentives at ₦12.4 trillion, whereas the tax-to-GDP ratio stays at solely 10.6%, which is among the many lowest in Africa.

“That is paradoxical and regarding, given the {financial} and financial challenges the nation is dealing with. The brand new tax regime has offered us with a possibility to look inwards,” Faleke acknowledged.