Reps move to block $30bn annual revenue leakage

The House of Representatives has commenced investigations to identify and block revenue leakages that cost Nigeria in excess of $30 billion annually.

The investigative hearing which began on Monday in Abuja, was organized by the joint house committees on Finance, Banking and Currency.

The Speaker of the house, Rep. Femi Gbajabimila, said that Nigeria is facing significant revenue challenges as a result ofglobal collapse in the price of crude oil.

He said that collapse of oil price had brought about severe and ongoing contraction in the global economy.

“For this Joint Committee to deliver on the mandate of the House in this instance, there is a need to work with the ministries, departments, and agencies of the government.

“This effort by the House is in fulfilment of our constitutional obligations and we intend to act always with integrity and diligence in the best interest of our nation.

“I encourage our executive colleagues to see this as an opportunity for constructive collaboration in the national interest,”he said.