The House of Representatives has launched a probe into the alleged abuse of tax incentives, waivers, and exemptions, which has reportedly cost Nigeria N8 trillion in lost revenue.

The move follows a motion of urgent public importance raised by Hon. Oluwole Oke (Oriade/Obokun Federal Constituency, Osun State) during Thursday’s plenary. Oke’s renewed push indicates that little progress has been made since the House first adopted the motion in July 2023.

He noted that while tax incentives are meant to stimulate economic activities and attract investments, widespread abuse has turned them into a financial burden. Citing data, he revealed that Nigeria loses N6 trillion to companies exploiting tax waivers and N2 trillion due to mismanagement.

He identified capital allowances, investment allowances, pioneer status incentives, free trade zone exemptions, and VAT exemptions as key areas of abuse. This, he warned, has contributed to Nigeria’s low tax-to-GDP ratio of 10.6%, among the lowest in Africa.

“If urgent steps are not taken, Nigeria could face a fiscal collapse similar to Venezuela,” Oke cautioned.

The House has now directed its Committees on Industry, Finance, and Commerce to investigate the issue and report back within four weeks.

The Niger Delta Youth Council (NDYC) Worldwide has rejected in strong terms, calls by the Coalition of Niger Delta Civil Society Organisations in conjunction with Ex-millitant Forum for a nationwide protest against leadership of Dr. Samuel Ubuku and Mr. Chiedu Ebie; Managing Director and Board Chairman of the Niger Delta Development Commission (NDDC) respectively.

The group in a letter addressed to President Bola Ahmed Tinubu accused the Managing Director of mismanagement, lopsided projects and contracts while calling for the sack of the Chairman of the Board whose appointment they claimed contravened the NDDC Act.

But the NDYC in a strongly worded rebuttal, signed by the trio of Engr.Jator Abido, Comr Collins Achakpekri and Engr. Beke Apere; National Coordinator, Director of International Relations, and Chairman Board of Trustees respectively, copies of which were made available to journalists in Abuja, debunking the allegations made against the NDDC management by persons they described as enemies of the region who want to slow the wheels of progress under the current NDDC leadership.

“It is utterly callous and blatant falsehood to cast the administration of Dr. Samuel Ubuku and Mr Chiedu Ebie in bad light simply because your selfish and parochial interests are not accommodated in the grand scheme of affairs at the Commission.

“For the records, those parading themselves as members of civil society organisations in the region and ex-agitators are ignorant of the challenges of the region and do not represent the true spirit of the Niger Delta. They’re an obscure bunch who are out to profit from the resources of the region without a genuine concern for its people.

“As true representatives of our people, we make bold to say that Dr. Samuel Ubuku remains the best NDDC Managing Director to have emerged since the creation of the Commission. He has carried everybody along in appointments and the distribution of projects. Anybody who feels otherwise is a saboteur and shouldn’t be taken seriously.

“It is also laughable that someone in their right thinking will question the appointment of a bona fide Niger Deltan into a Commision set up for the development of the region simply because the appointee does not come from a community that produces crude oil.

“This warped thinking doesn’t belong to the human specie and should be disregarded. Those who only seek to divide using parochial yardsticks and sentiments should not be dignified with a response. We, therefore, distance ourselves from such persons and want Nigerians to pay deaf ears to their rants”, the release stated.

The youth group finally vowed to resist attempt by sponsored goons to throw the region into needless crisis and pledged to mobilise their members across all the states that make up the region to stage a solidarity match for the NDDC management on the same day those opposed to the development of the region are planning their protest.

“As patriots and law abiding citizens who are desirous to see mass development in the Niger Delta region, we cannot fold our arms and watch a faceless few throw our region into crisis. We shall therefore mobilise in en masse to stage a solidarity match on the 27th of February to counter our enemies and tell the world the truth about our region”, the release concluded.

In preparation for its 80th anniversary, Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has unveiled the identity for its 80th anniversary celebration.

Set for Friday, May 2nd, 2025, this grand anniversary would serve as the hallmark of Wema Bank’s 80-year journey of unmatched resilience, profound impact and notable transformation from being Nigeria’s oldest indigenous bank to becoming Nigeria’s foremost and leading innovative bank.

Wema Bank’s impressive 80-year legacy has been one exemplified by immense growth, with the Bank evolving intelligently through the decades, embracing innovation to break new grounds and raising the standards of banking and financial services to provide an unparalleled experience for its customers and stakeholders, both internally and externally. Now on the cusp of its milestone celebration of 80 years, Wema Bank stands at its all-time strongest, proving to be a formidable force in the African financial services industry.

All eyes are peeled in anticipation of what Wema Bank will bring on in the coming weeks, as its 80th anniversary celebrations begin to unfold.