Sunday, September 27, 2020


Home Business House of Reps investigates revenue leakage of 30Billion Dollars

House of Reps investigates revenue leakage of 30Billion Dollars

The House of Representatives has opened investigations into Nigeria’s loss of more than Thirty 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.

The 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 unveil the truth surrounding the allegation that the country loses about $30b every year to tax evasion and other malpractices.

The Speaker of the House had declared that the investigative hearing opens resolving that the parliament will plug out all loopholes As the technical session opens, one of the five banks slated to appear before the legislators insisted it is in possession of a court order which stops it from exposing its foreign exchange records to the lawmakers.

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

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