The House of Representatives is set to investigate an alleged loss of over $30 billion annually occasioned by revenue leakages from tax evasion, malpractices, mis-use and diversion of foreign exchange allocations by companies.
The House took the decision at Thursday’s plenary following the adoption of 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, which was sponsored by James Faleke (Lagos APC, Ikeja Federal Constituency) centred on an urgent need to rescue the country from over $30 billion annual revenue leakages.
READ ALSO: Complaints: CBN Recovers Over N82m For Commercial Banks Customers In Katsina
The leakages, according to him, resulted 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.
Through the investigation, the House hopes also to determine in a statutory and 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.
