The House of Representatives in Nigeria has taken a bold step to investigate the non-remittance of a staggering N5 trillion to the Federal Government by various businesses operating within the country. This decision was made following a motion put forward by Esosa Iyawe during a recent plenary session.
According to Iyawe, a shocking 5,000 companies are collectively owing the government N5.2 trillion between the years 2015 and 2019. Additionally, there are reports indicating that in 2021 alone, some companies failed to remit over N17 billion in taxes.
The motion highlighted the concerning trend of government agencies and businesses, including multinational corporations, failing to fulfill their tax obligations, while smaller enterprises are burdened with multiple tax requirements. This disparity in treatment has raised eyebrows and prompted the House to take action.
In response to the motion, the House of Representatives has tasked the Committees on Public Account and Finance with the responsibility of investigating these tax defaulters and recovering the owed funds. The committees have been given a timeframe of four weeks to conduct their inquiries and report back to the House.
This move signifies a commitment to upholding financial accountability and ensuring that all businesses, regardless of size or status, fulfill their tax obligations to the government. It is a step towards promoting transparency and fairness in the Nigerian business landscape.
Stay tuned for updates on this developing story as the committees delve into the details of the non-remittance issue and work towards recovering the substantial amount owed to the Federal Government.
