Economy
Revenue Leakages: Reps to Create Tax Crimes Commission
By Adedapo Adesanya
The House of Representatives is moving to establish a new National Tax Crimes and Oversight Commission aimed at combating tax evasion and related offences.
A bill sponsored by Deputy Speaker, Mr Ben Kalu, and eight others on the establishment of the commission passed a second reading in the House on Wednesday.
The envisioned entity is to be vested with the authority to address revenue leakages resulting from non-payment and underpayment of taxes.
The agency may, however, duplicate the functions and responsibilities of the Federal Inland Revenue Service (FIRS) and Tax Appeal Tribunals.
Leading the debate on the bill, Mr Nweke Uche, a Rivers state lawmaker, stated that if passed, the commission would prevent and combat tax-related crimes, address all loopholes in the tax administration system and ensure the protection of taxpayers’ rights.
Mr Uche clarified that the organisation would not function as a law court and would not replicate the duties of the Tax Appeal Tribunals. According to him, it would primarily focus on overseeing the tax administration system.
“The Tax Crimes and Oversight Commission will not function as a law court. It will not duplicate the functions of the Tax Appeal Tribunals established in accordance with section 59(1) of the Federal Inland Revenue Service (Establishment) Act, 2007 and it will not be saddled with any form of quasi-judicial functions,” he said.
The lawmaker added that “the commission will primarily focus on the oversight of the tax administration system.”
The bill was not debated and has been referred to the House Committee on Finance for further legislative action.
This development is coming amidst plans by the Federal government to implement the Oronsaye Report, which seeks to reduce the number of agencies and commissions in the country.
Recall that President Bola Tinubu recently directed a review of the Oronsaye Report to facilitate the implementation of the recommendations contained in the document.
The House also deliberated on two bills proposing the establishment of Federal Medical Centres (FMC) in Nasarawa and Cross River States.
Mr Jeremiah Umaru, a Nasarawa State lawmaker pushed the bill which seeks to establish an FMC in Sisinbaki, Wamba.
During the debate, he highlighted the significance of this centre for the people of Wambai, who currently lack access to specialised hospitals.
He argued that the proposed FMC in Sisinbaki, Wamba in Nasarawa State is crucial considering the considerable distance between Wamba and Keffi, making medical attention in emergencies challenging.
Mr Umaru also emphasised the potential economic development the FMC could bring to the area.
On the other hand, Mr Alex Egbona, his counterpart from Cross River, pointed out the absence of an FMC in Cross River and advocated the establishment of one in Itigidi, which would benefit numerous local governments.
Both bills were adopted without debate and were referred to the Committee on Healthcare Services for further legislative action.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
