BREAKING: Reps Begin Probes Multiple Bank Charges, Unauthorised Tax Deductions On Nigerians

The House of Representatives has inaugurated an ad-hoc committee to investigate the alleged deduction of taxes and multiple bank charges burdening Nigerian citizens.

The House of Representatives has inaugurated an ad-hoc committee to investigate alleged multiple bank charges and unauthorised tax deductions imposed on Nigerians by financial institutions and government agencies.

Chairman of the committee, Hon. Kelechi Nwogu, said the move was prompted by widespread public outcry over unfair deductions from citizens’ salaries and bank accounts. He explained that the committee’s mandate includes examining the nature and application of taxes, levies, and salary deductions, as well as probing possible non-remittance of funds by responsible institutions.

Nwogu added that the committee would also scrutinize the range of bank fees and Value Added Tax (VAT) applied on existing charges, to ensure transparency and fairness in Nigeria’s financial system.

“As representatives of the people, it is our duty to address these concerns and ensure that financial practices promote justice and equity,” Nwogu stated.

“We aim to identify any irregularities, recommend essential reforms, and advocate for the rights of all Nigerians. We will not hesitate to exercise the full authority of the Legislature where necessary.”

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Speaking during the inauguration, Speaker Tajudeen Abbas, represented by Chief Whip Usman Kumo, reaffirmed the 10th National Assembly’s commitment to protecting citizens from exploitative financial practices.

He noted that the formation of the committee reflects the House’s responsiveness to citizens’ frustrations over arbitrary deductions by both government agencies and banks.

“This committee underscores our commitment to fairness, transparency, and accountability in Nigeria’s financial sector,” Kumo said.

“We must ensure that the financial burdens placed on Nigerians are lawful, justified, and equitable.”

The investigation is expected to expose systemic irregularities in the nation’s financial ecosystem and recommend reforms to safeguard the economic interests of ordinary Nigerians.