 Anand Andrew and Senate has taken a swipe at the 17 trillion Naira loss incurred by the country on task waivers within the last five years. In his remarks at the budget presentation session, the chairman of the committee, Senator Sani Musa, who told the FIRS chairman that the tax waivers abuse, which has cost the country about 17 trillion Naira loss within the last five years, should be suspended and substituted with rebating system. The tax administration and tax rebate system in Nigeria will not only ensure fairness but also bolster revenue generation. So for critical national development, we really want you to look at this because this country have lost more than 17 million trillion in five years due to tax waivers and tax holidays. The backward integration policy of this government which gives room for those holidays, we need to review it. So I think with this I can say that you are fostering much of accountability in your collections. You are doing very well. The innovations you are bringing to the tax administration in this country need to be commended. Meanwhile, the chairman of FIRS, who made projection of 19.4 trillion Naira has targeted total tax collection for 2024, insisted that a fresh 2.7 trillion Naira tax credit planned for road construction in the country by the central bank of Nigeria, CBN, should be stopped. I said today NNPC through RITC has committed 2.5 trillion to road construction in Nigeria and they brought another one. They said they want to expand it by another 2.7 trillion and I said no, that is not allowed as a special advantage to the president on revenue. I would not say I have all my revenue and I want to use it for road. Is it the only road I want to do? I've already committed 2.5 trillion to this one and people are complaining about the efficiency of it and that is even separate. What I've said which Mr President has approved is that all the one that we have in pipeline will be completed but it's not expandable and that is what we say because NNPC is number one revenue source for us as a country either in time of taxes or non taxes. Hello, hope you enjoyed the news. Please do subscribe to our YouTube channel and don't forget to hit the notification button so you get notified about fresh news updates.