Reps to go after 5,000 companies owing Nigerian Govt N5.2 trillion in unpaid taxes

A probe has been launched by the House of Representatives into the failure of certain businesses in Nigeria to remit N5 trillion to the Federal Government.

After a motion was moved by Esosa Iyawe on Thursday during plenary, authorities decided to pursue the tax defaulters.

The House has decided to task the Committees on Public Account and Finance with investigating the failure of organizations to remit funds to the government and to recover the outstanding debt.

In a recent statement, Iyawe revealed that 5,000 companies collectively owe the Federal Government N5.2 trillion from 2015 to 2019.

According to him, there is a new report indicating that in 2021, several companies did not remit more than N17 billion.

“Audit reports from 2015 to 2019 which revealed government agencies owing hundreds of billions in FIRS taxes comprising underpayments and under-recoveries and over 5,000 Companies and Ministries, Departments and Agencies (MDAs) of the Federal Government owing (N5.2 Trillion) (five trillion, two hundred billion, Naira in withholding taxes,” he said.

He stated that some of the culprits are multinational corporations that the Federal Government is treating with kid gloves, while small businesses are subjected to multiple taxes.

The motion was taken unanimously without opposition.

The House directed the committees to report back to the in four weeks.