The House of Representatives Committee on Finance has strongly condemned two Chinese-owned companies operating in Nigeria over their alleged failure to remit Value Added Tax (VAT) amounting to over ₦15 billion. The Committee, during an oversight investigation, described the actions of the companies as an “economic sabotage” and called for swift regulatory action.
Chairman of the Committee, expressed deep concern over the companies’ apparent disregard for Nigeria’s tax laws and warned that such behavior undermines the nation’s efforts to improve revenue generation and enforce corporate accountability.
“We cannot allow foreign companies to operate on our soil and flagrantly violate our tax laws. This ₦15 billion debt is a serious breach, and appropriate sanctions must follow,” Hon. [Insert Name] stated.
The Committee revealed that the companies, whose names were withheld pending further investigation, had failed to provide proper documentation and had allegedly exploited regulatory loopholes to avoid VAT payments over several financial years.
Representatives from the Federal Inland Revenue Service (FIRS) were present at the hearing and assured lawmakers of continued collaboration to recover the outstanding tax liabilities and prevent future violations. Lawmakers also urged the relevant ministries and agencies to strengthen enforcement mechanisms and ensure all foreign and local businesses comply fully with the nation’s tax obligations.