Reps seek AGF’s advice on N123bn TETFund deductions
The House of Representatives is seeking the AGF’s legal advice on a dispute between the NRS and TETFund over N123.48bn deducted from Education Tax. Read More: https://punchng.com/reps-seek-agfs-advice-on-n123bn-tetfund-deductions/
The House of Representatives is seeking legal advice from the Attorney-General of the Federation over the deduction of N123.48bn by the Nigeria Revenue Service (NRS) from Education Tax collected by oil companies between 2012 and 2024. The House Public Accounts Committee, chaired by Bamidele Salam, will consult the AGF to determine if the four percent cost-of-collection charge applied by the NRS to Education Tax revenues was lawful.
The audit conducted by the Auditor-General for the Federation revealed discrepancies between the revenue collected by the agency and the amount remitted to the Tertiary Education Trust Fund (TETFund). TETFund's Director of Finance and Accounts, Dr Gloria Olotu, stated that the deduction applied only to non-oil revenue, but the NRS insists that its deductions were in line with the law.
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