The House of Representatives’ has commenced a probe into revenue leakages causing the federal government to lose $30 billion.
The said amount, being probed by the joint committees on finance and banking and currency, was lost between 2005 and 2019.
Speaking at a hearing, chairman of the finance committee, Abiodun Faleke, said the probe targets agencies and companies in banking, oil exploration, engineering, procurement, construction, installation, marine transportations, manufacturing and telecommunications.
Faleke said the committee had resolved to summon the Federal Inland Revenue Service (FIRS) to appear before the panel to explain the circumstances behind unremitted tax revenue by the companies.
Faleke said the joint committee also noticed infractions in the inflow of foreign investments, like equity, foreign cash loans, equipment loans whose utilisation are majorly subject to tax, end up in transactions, foreign transfers that were at variance with the purpose of such inflows.
“Overnight and fictitious disappearance of Naira proceeds of foreign inflows from the bank accounts of Nigerian beneficiaries, and subsequent allocations of foreign exchange by CBN for Capital repatriations, Principal loan repayments and interest payments.
“Multiple foreign exchange allocations to holders of foreign inflow Certificates of Capital Importation (CCI) over and above the amount brought into the country, leading to the capital flight of the country’s much needed and scarce foreign exchange.
“Some expected imports that were funded by foreign equipment loans and other direct allocations of foreign exchange for foreign exchange valid transactions were neither translated to imports nor their import duties paid to the Nigerian Customs Service,” he said.
