The House of Representatives has directed its Committees on Finance and Banking to investigate annual revenue leakages to the tune of over thirty billion dollars from financial institutions nationwide.
The motion was raised by the chairman house committee on finance Honourable James Faleke who revealed that Nigeria has not been unable to fund its capital budget in the last few years due to a lack of funds and low remittances of revenue by revenue-generating agencies.
Hon Faleke says this is caused by revenue leakages arising from tax evasion, financial malpractices, misuse and diversion of foreign exchange allocations by several companies in league with government agencies.
The probe will include the Central Bank of Nigeria C-B-N, several Nigerian Banks, Forex Dealers, the Federal Inland Revenue Service F-I-R-S, Importers and other finance companies.
