The committee was informed by the finance minister during an interactive session that the planned N19. 76 trillion budget for 2023 will have a deficit of N12.43 trillion.
This is due to anticipated N6 trillion in tax and import duty waivers; as well as an annual fuel subsidy of more than N6 trillion.
the committee’s chairman, expressed concern over the submission and informed the minister that both the projected N12.43 trillion budget deficit and the N6 trillion in tax and import duty exclusions needed to be carefully examined before submitted to the National Assembly for consideration and approval.
If such windows are close against beneficiaries abusing them, the government might generate billions and trillions of naira in revenue. The Nigeria Customs Service can assist in this by examining import duty waivers given to some importers, and the FIRS should also examine the tax credit window made available to some businesses.