This Day
The Senate yesterday rejected the 2023-2025 Medium Term Expenditure Framework and Fiscal Strategy Paper
(MTEF/FSP) which proposed a N6 trillion tax and import duties waivers proposed for in the N19.76 trillion 2023 budget which also contained a deficit of N12.4 trillion.
The Upper Legislative Chamber of the National Assembly, also directed the Nigeria Customs Service (NCS) to carry out a downward review of the proposed waivers in the fiscal document by 50 per cent.
In addition, it asked the Federal Inland Revenue Service (FIRS) to critically look into the seeming abuse of tax credit by some companies.
The lawmakers said these when the Senate Committee on Finance and the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed as well as heads of revenue generating agencies in the country met in Abuja, yesterday, to review the contents of the proposed 2023 – 2025 MTEF/FSP.
The finance minister had in her opening remarks, informed the committee that the N19.76 trillion proposed as the 2023 budget would have a deficit of N12.43 trillion because N6 trillion had been projected as tax and import duty waivers, while fuel subsidy would gulp a whopping N6 trillion…
