The Joint House of Representatives Committee on Finance and Banking and Currency is set to investigate an alleged loss of over $30 billion revenue annually due to leakages.
For this purpose, the joint committee, chaired by Rep. Abiodun James Faleke and Rep. Victor Nwokolo , will engage 24 commercial and non-commercial banks and 14 international oil companies over the alleged huge revenue loss.
Understandably, lawmakers had expressed concern that the billions of dollars revenue leakages may have been due to tax evasion, malpractices, misuse and diversion of foreign exchange allocations by companies and other entities. The Green Chamber noted that the leakages arose from various malpractices in foreign exchange allocation to companies from sources such as CBN, interbank, domiciliary and over the counter purchases for importation of physical goods, payments of foreign service vendors, dividend repatriation and foreign loans.
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