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Faleke: Nigeria is loosing $30bn revenue yearly

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Chairman of the House of Representatives’ Joint Committee on Finance and Banking & Currency, Hon. Abiodun Faleke on Monday disclosed that documents showed that whopping sum of $30 billion is lost annually due to non-remittance of statutory revenues.

Hon. Faleke disclosed this opening of the investigative hearing into the alleged over $30 billion annual revenue leakage between 2010 and 2019, held at the instance of the joint House Committee on Finance and Banking & Currency, with the view to identify and plug revenue leakages.

According to the Joint Committee, the scope of the investigative hearing include oil revenue, payments on accounts of foreign currency-denominated contracts by companies in exploration, engineering, procurement, construction, marine transportations on foreigners exchange allocations to companies from sources such as CBN, autonomous, interbank, and over the counter purchases for the importation, payments of foreign service vendors, dividend repatriation, foreign loan/interest payments, equity, MPR, Government securities in the Money market, treasury bills, money gram, among others.

He disclosed that: “we want to make it abundantly clear that this investigative hearing is not about witch-hunting anybody or any organisation. But it is about assisting Nigeria in getting out of its financial woes that we found ourselves.

As chairman Finance Committee and Banking,” we are very sure that Nigeria has enough resources within its system if and only if every player on the economic sector play by the rules.

“What we mean by play by the rules mean that, let everybody pay the taxes that the organisations or individuals are due to pay.

“We have records to show that Nigeria is losing over $30 billion every year, to malpractice, evasive of taxes legally due to government. It was based on that, that this motion was moved for an investigation to be done and letters have been written to banks in the first instance before we move to the next stage.

“We want to plead that if the banks have nothing to hide, they should respond to our letters and submit all the required documents; a failure which of course as mentioned by Mr Speaker, the Committee and the House will be forced to use the constitutional powers available to it and that is to say, to compel appearance by issue warrant of arrest.

“We are not witch-hunting, we also pass judgement on anybody; ours is to look at what is happening and recommend reforms of our laws to be able to block such loopholes in the future. This we expect that the affected people should cooperate with us. Every day in the next weeks, months we would be sitting here to look at these issues,” Hon. Faleke assured.

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