By Giwa Suliat Bolaji (SIWES student, D S Adegbenro ICT Polytechnic)
The Senate has decided to scrutinize all tax waivers granted by the Federal Government since 2015, emphasizing the cancellation of those unrelated to non-governmental or non-profit organizations.
Additionally, the Senate has called for the deregistration of irregular subsidiaries of the Nigeria Postal Service and an investigation into the N10bn allocated for NIPOST restructuring.
Stiff penalties, including potential jail terms, are proposed for violators of finance laws.
These resolutions were made during the approval of the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper, including new borrowings of N7.8tn and key economic parameters.
The report also highlights the need for efficiency in revenue generation by major agencies and recommends amendments to the Bureau of Public Enterprises Act.
The Nigeria National Petroleum Corporation is urged to reduce production and operational costs to bolster government revenue.
