The House of Representatives yesterday resolved to probe the Central Bank of Nigeria, the Federal Inland Revenue Service and other revenue-generating agencies for an alleged loss of $30bn revenue leakages.
The house alleged that the loss arose from tax evasion, malpractices, misuse and diversion of foreign exchange allocations to companies and other entities.
It will conduct a public hearing to look into the various originating documents maintained by the CBN, banks, forex dealers, the FIRS, importers and other beneficiaries companies as well as identify perpetrators and the atrocities committed based on verifiable documents obtained from valuable records.
The resolution followed a motion by James Falake who alleged that forex was being allocated to companies for repayment of principal foreign loan and interest that were in some cases found to be non-existing,” but were rather a fictitious loans backed by a mere packaged documents without evidence of utilization in Nigeria and related taxes paid.”
The matter was referred to the House Committees on Finance and Banking and Currency which were asked to carry out the investigation within 12 weeks.