House of Reps investigates alleged revenue leakage of $30b

The House of Representatives has opened investigations into Nigeria’s loss of more than 30 billion dollars annually in the past ten years from foreign exchange allocation and tax evasion.

At the maiden investigative hearing, one of the invited banks disclosed that it is in court to stop the parliament from going ahead with the investigations.

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National Assembly Correspondent Joke Adisa reports that the mandate before the joint Committee of the House on Finance as well as Banking and Currency is to unravel the truth surrounding an allegation that the country loses about thirty billion dollars every year to tax evasion and other malpractices.

The Speaker of the House declared the investigative hearing open resolving that the parliament will plug all loopholes

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ding GIF

As the technical session opens, one of the five banks slated to appear before the legislators insisted it is in possesion of a court order which stops it from exposing its foreign exchange records to the lawmakers.

The representative of Unity Bank, Usman Abdulkadir, was asked to represent the bank’s memorandum and appear at a later date.

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