National Assembly launches probe into N4 trillion revenue loss amid alleged waiver abuse

DDM News

The National Assembly Joint Committee on Finance has formed a special committee to investigate a revenue loss exceeding N4 trillion, caused by unchecked waivers granted by government agencies.

This decision followed a motion introduced by Senator Adamu Aliero during a hearing on January 13, 2025, in Abuja. Diaspora Digital Media (DDM) reported on the session, covering the motion and the decision to establish the investigative committee.

The hearing was focused on reviewing the revenue profiles of ministries, departments, agencies, and government-owned enterprises in preparation for the 2025 budget.

The session aimed to help the Senate and House of Representatives committees develop accurate and realistic revenue projections for the upcoming fiscal year.

The joint committee, co-chaired by Senator Sani Musa and Hon. James Faleke, will investigate the causes of this significant revenue loss.

Senator Aliero emphasized the seriousness of the situation, noting that while over N5.9 trillion should have been collected into the consolidated revenue fund, only N1.9 trillion has been received, resulting in a major loss.

He explained that this gap is largely due to indiscriminate waivers granted by various government agencies, which have worsened the revenue loss.

Aliero pointed out that these waivers have led to a substantial shortfall, with more than N4 trillion in expected revenue not collected.

He called for the creation of an investigative committee to thoroughly examine the extent of this financial loss.

Aliero added that the waivers and missing funds need to be traced to ensure accountability for the ongoing revenue loss.

He stressed, “If someone is given a waiver, we must find out who authorized it and ensure proper procedures are followed,” highlighting the need to address the loss.

The senator further explained that the N4 trillion shortfall is a serious concern that cannot be ignored.

He noted that over N4.9 trillion had not been remitted as required, calling for an urgent investigation into this significant revenue loss.

Aliero urged a comprehensive inquiry into the matter to identify those responsible for the waivers and ensure that the expected revenue is collected in the future.

The formation of this committee demonstrates the National Assembly’s commitment to holding government agencies accountable for managing public funds and ensuring that revenue collection processes are transparent and in line with regulations.

The investigation aims to clarify the financial discrepancies and help fix the system to prevent future revenue losses.

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