The Senate has summoned the Minister of Finance, Budget and National Planning, Zainab Ahmed; Governor of Central Bank of Nigeria , Godwin Emeifele; acting Chairman of the Economic and Financial Crimes Commission , Ibrahim Magu, and the Group Managing Director of the Nigerian National Petroleum Corporation , Melee Kyari, to appear before it over revenue lost annually to tax evasion and money laundering activities in the country.
The Senate, while mandating its three committees to investigate illicit financial flows, also called for an appraisal of the FIRS current framework for tracing, identifying, preventing and sanctioning cross-border tax evasion and other illicit financial outflows. Moving the motion, Senator Bassey, while citing a 2014 Global Financial Integrity Report, said: “Nigeria lost a minimum of US$140 billion to illicit financial flows between 2000 and 2014 mainly to crude oil and commercial activities mis-pricing.”
“Nigeria loses approximately US$15billion annually to offshore tax evasion. This has resulted in a consistent low tax revenue as a percentage of Gross Domestic Product , as low as 5.7 percent in 2017. Such statistics are alarming, especially when compared to the 17.2 percent average of 26 African countries in the same year.”
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