KEY POINTS
- House inaugurates probe into excessive tax deductions and bank charges.
- Lawmakers demand fairness, transparency, and accountability in financial practices.
- CBN, FIRS, and commercial banks to appear before the committee.
The House of Representatives has inaugurated an ad-hoc committee to investigate growing complaints about excessive tax deductions from civil and public servants’ salaries and multiple bank charges imposed by commercial banks.
Speaker Tajudeen Abbas inaugurated the committee, chaired by Rivers lawmaker Kelechi Nwogu, on Thursday in Abuja. It will probe alleged double taxation, illegal levies, and arbitrary financial charges that are steadily reducing Nigerians’ disposable income.
Public anger has intensified as workers report overlapping deductions by federal, state, and local authorities, while some contributions to pension and housing funds remain unremitted worsening distrust in Nigeria’s financial system.
House vows fairness in Nigeria’s financial system
The Nwogu-led committee will summon the Central Bank of Nigeria (CBN), the Federal Inland Revenue Service (FIRS), and major commercial banks to explain the legality and transparency of the deductions.
“We are responding to citizens’ concerns to align financial practices with justice and equity,” Nwogu said. “Our mission is to ensure these deductions are fair, transparent, and just. We will make far-reaching recommendations, not minding whose ox is gored.”
Furthermore, lawmakers said the probe aims to expose irregular financial practices, recommend reforms, and promote a more equitable and accountable system.
Excessive tax deductions top lawmakers’ concerns
Speaker Tajudeen Abbas, represented by Chief Whip Bello Kumo, said the move demonstrates the 10th National Assembly’s responsiveness to public grievances about exploitative financial practices.
“Public servants who work tirelessly for our nation should not bear the burden of unjust deductions that reduce their income,” Abbas said. He also said we cannot ignore demands for transparency and fairness in banking,”.
He urged the committee to engage all stakeholders, including regulators, banks, and civil society, to deliver practical solutions that restore public trust and strengthen financial justice in Nigeria.
