The Chairman of the Joint Senate Committees on Finance, Appropriations, National Planning and Foreign Debt, Senator Sani Musa (APC, Niger East) on Wednesday revealed that the nation has lost N1.3 trillion to waivers to a deficit of N3 trillion.
Senator Musa bemoaned that Nigeria has lost so much to waiver in the past.
This comes as Musa said the Nigerian Senate has approved the removal of waivers.
The lawmaker spoke on Wednesday while briefing newsmen on the 2024-2026 Medium Term Expenditure Frame Work (MTEF) and Fiscal Strategy Paper (FSP).
Recall, the Senate has approved the 2024-2026 Medium Term Expenditure Frame Work (MTEF) and Fiscal Strategy Paper (FSP).
The lawmaker, while justifying the removal of waivers said instead of bringing in raw materials for production, people import finished products into the Nigerian economy.
“We cannot continue to talk of waiver while we kill our local manufacturers.
“What we have today are cartels, who are not given back to Nigeria. We will take the bull by the horn.
“It doesn’t make any economy sense, when waiver is granted, and nothing is gained” he said.
Indeed, the Senate also seeks to probe tax waivers from year 2015 to date.
