SAN FRANCISCO, April 27 (THEWILL) – Senator Binta Masi Garbi, representing Adamawa North Senatorial District of Adamawa State has revealed that Nigeria is losing $2.9 billion annually to tax incentives and waivers granted to multinational companies operating in the country.
She made the disclosure on Wednesday, in Abuja, while addressing a crowd of activists led by ActionAid for a campaign in commemoration of the Global Action Week for Education, which began April 24 and will run till the end of the month.
“In 2015, UNESCO figures showed that 10.5 million Nigerian children were out of school, yet we are giving away $2.9 billion annually by way of tax incentives and waivers despite evidence that such waivers are not necessary to attract investors,” she said.
“This amount of money could help pay for all the children who are currently out of school to receive many years of quality education.”
“We must fund our children’s futures through having a fair tax system, a tax system that is not hampered by restrictive tax treaties or unfair incentives and waivers.”
“Across the world, campaigners are focusing on the theme of Education Financing and advocating for better funding to guarantee quality education for all.”
“We in Nigeria cannot fold our hands when we all know that we, more than any other nation, have major challenges surrounding funding for education in our country.”
The Senator called on the Federal Government to stop granting harmful corporate tax incentives, excessively restrictive tax treaties, and put in place relevant mechanism for curbing tax avoidance practices of multinationals and large corporations, and spend increased tax revenue on financing quality public education, especially for girls.
ActionAid had drawn attention to the challenges posed by unfair tax practices of foreign multinational companies in developing countries through its reports ‘Leaking Revenue’ and ‘Mistreated: How Faulty Tax Treaties, Excessive Incentives and Tax Avoidance Practices by Multinationals are Fuelling Inequality and Poverty.’
In attendance were Patricia Donli, Board Chairperson of ActionAid, and Ifeoma Charles-Monwuba, the Deputy Country Director of ActionAid, among others.
Story by David Oputah
