Reps to Investigate Government Revenue Leakages

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SWITZERLAND, MARCH 04 – The House of Representatives is to investigate an alleged loss of over 30 billion dollars annually as a result of revenue leakages arising from tax evasion, malpractices, mis-use and diversion of foreign exchange allocations by companies and other entities.

The House at it’s plenary adopted a motion to investigate the disbursement of foreign exchange by the Central Bank of Nigeria and other agencies with a view to determining the exact amount that may have been lost by the government in the process.

The motion sponsored by Rep. James Abiodun Faleke speak of an urgent need to rescue the country from over 30 billion dollars annual revenue leakages.

The leakages he said arose from various malpractices in foreign exchange allocation to companies from sources such as CBN, autonomous, interbank, domiciliary and over the counter purchases for importation of physical goods, payments of foreign service vendors, dividend repatriation, foreign loans and interest payment including foreign currency denominated contracts payment by companies in engineering, procurement, construction, installation and marine transportations.

The House resolved to conduct public hearing by looking into the various originating documents maintained by Central Bank of Nigeria (CBN), Banks, Forex Dealers, Federal Inland Revenue Services (FIRS), Importers and other beneficiary companies as well as identify perpetrators and the atrocities committed based on verifiable documents obtained from the valuable records.

The investigation is also to determine in a statutory and in a professional manner, the revenue amount involved in the malpractices by each organization based on every revenue line item collectible by agency of Government for the purpose of timely recovery into Government accounts.

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