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29.6.21

House of Reps summons FIRS for $30billion Revenue Leakage





House of Representatives Committees on Finance and Banking and Currency have summoned the Federal Inland Revenue Service (FIRS) to appear before them next Monday as investigation continues into $30 billion annual revenue leakages from 2004 to 2019.


The leakages arose from payments on account of foreign currency denominated contracts by companies in engineering, procurement, construction, installation, marine transportation, and likewise foreign exchange allocation to companies from sources such as the Central Bank of Nigeria, autonomous inter-bank domiciliary and over the counter purchases for the importation, payments of foreign service vendors, dividend repatriation as well as foreign loan and interest payments.




Read more details at The Nation.




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