Oxfam Nigeria has described as ‘dangerous’ the federal governments’ decision to granting tax incentives of over B5 trillion to 34 companies in Nigeria.
Addressing journalist in Abuja, Oxfam Nigeria Country Director, Tijani Ham, also urged the National Assembly to compel the federal government to publish the tax expenditure report showcasing its commitment to transparency and accountability in incentive management.
Nigeria Investment Promotion Commission last December announced that it approved tax holiday for 34 companies seeking tax incentive and waivers under the industrial Development Income Tax Act of 2023.
Oxfam therefore urged a new public action including public services, corporate regulation, breaking up monopolies and enacting permanent wealth and excess profits taxes.
The report tagged ‘Rebuilding Trust’ published on Monday stressed the need to revitalize the States saying governments should rein in corporate power by breaking up monopolies and democratizing patent rules.
“This also means legislating for living wages, capping CEO’s pay, and new taxes on the super-rich and corporations including permanent wealth and excess profit taxes,” it said.
Meanwhile, the Executive Director, Civil Society Legislative Advocacy Centre, CISLAC, Auwal Rafsanjani, accused the political elite on creating artificial poverty in Nigeria, and also weaponising poverty.
“This fraudulent tax holiday that they do give to corporate organisations if only they are using that money they would have been able to address some fundamental development challenges in Nigeria.” Rafsanjani said.
Meanwhile, the Executive Director, Connect Development, CODE, Hamzat Lawal said, “This is injustice, today we are dealing with this people who are capturing the State and also might lead to anarchy because if inequality persists what we have is anarchy.
