In all, 21 tax expenditure items worth $8 billion had no public assessment of effectiveness, including $3 billion in tax credits for corporate science research.
This has led to major distortions in our fiscal operations, as we are forced into rationing the paltry revenue available among unavoidable expenditure items.
For them, issues surrounding oil theft, depletion of foreign reserves and channelling more funds toward capital and developmental projects rather than recurrent expenditure items need to be tackled.
