The House of Representatives has set up an ad hoc committee to investigate widespread complaints about multiple tax deductions from workers’ earnings and unexplained charges imposed by commercial banks on customers.
The committee, chaired by Kelechi Nwogu of Rivers State, was inaugurated in Abuja yesterday by Speaker Tajudeen Abbas.
The move comes amid growing public frustration over repeated and unclear deductions from salaries and bank accounts, particularly affecting civil and public servants.
Many Nigerians have accused government agencies and financial institutions of engaging in exploitative practices — from overlapping tax deductions by federal, state, and local governments to multiple bank charges such as stamp duties, value-added tax, and transfer fees, often applied simultaneously.
In response, lawmakers are demanding explanations from key financial regulators, including the Central Bank of Nigeria (CBN), the Federal Inland Revenue Service (FIRS), and major commercial banks.
The probe seeks to ensure transparency, accountability, and fairness in Nigeria’s financial system.
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Speaking at the inauguration, Nwogu said the initiative marks a crucial step toward financial justice, describing it as a direct response to citizens’ grievances over “unjust and confusing deductions” by both government agencies and banks.
“Our mission is clear — to ensure that taxes and bank charges are fair, transparent, and just,” Nwogu stated. “We will identify irregularities, recommend reforms, and advocate for the rights of all Nigerians.”
He added that the committee will examine the legality of existing deductions and levies, investigate non-remittance of statutory payments like pensions, and review the fairness of bank-imposed fees.
House Speaker Tajudeen Abbas, represented by Chief Whip Bello Kumo, reiterated the National Assembly’s commitment to protecting Nigerians from exploitative financial practices.
He emphasized that no public servant should have their earnings unfairly reduced through arbitrary deductions or excessive bank charges.
“The issue of multiple bank charges undermines trust in our financial institutions and deepens the economic hardship citizens already face,” Abbas said. “The demand for fairness and transparency in banking can no longer be ignored.”
The Speaker urged the committee to conduct its assignment with integrity and objectivity, engaging all relevant stakeholders to deliver a thorough and solution-driven investigation.
“This committee has the opportunity to restore public confidence and strengthen financial justice in Nigeria,” he added.
