Also, the committee has tasked the Federal Inland Revenue Service (FIRS) to aim for a tax revenue goal of N30 trillion in 2024.
The committee stated this during an interactive session with the FIRS team led by its Chairman, Zacch Adedeji on the 2024 operational budget of the service.
Channels Television reports that at the 2024 operational budget defence session of the service, the Chairman of the Committee, Senator Sani Musa noted that the nation has lost over 17 trillion naira in five years owing to tax waivers.
The FIRS boss, in his address, promised that the nation’s tax laws would be altered in the next few weeks to accommodate the new exigencies of the current times.
Adedeji spoke against the backdrop of calls by the finance committee to completely re-engineer the tax administration in the country, largely because of the volatility of the foreign exchange rate.
He unravelled plans by the service to deepen collection without augmenting taxes, in view of the projected tax collection of N19 trillion up from N12 trillion.
Adedeji also said a fresh N2.7 trillion tax credit planned for road construction in the country by the Central Bank of Nigeria (CBN) should be stopped.