Nigeria losing $30bn annually from revenue leakages — Reps

Nigeria losing $30bn annually from revenue leakages — Reps

Joint House of Representatives Committee on Finance, Banking and Currency has said that Nigeria lost about $30 billion from 2005 to 2019 annually from revenue leakages.

The leakages were basically from activities of agencies and companies in banking, oil exploration, engineering, procurement, construction, installation, marine transportation, manufacturing and telecommunications.

According to the committee, the country has lost significant foreign exchange and revenue shortfall from the infractions.

Consequently, it grilled the management of two banks over several of the alleged infractions, accusing them of compromises.

Chairman of House Committee on Finance and co-chairman of the joint Committee, James Faleke in his remarks at the commencement of the investigative hearing on the allegations, said the House at its sitting on March 5, 2020, resolved to conduct an investigative hearing on revenue leakages in excess of $30 billion.

Judeh Ikamijudeh – NewsAnchor

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