Business

How Nigeria Keeps Losing $8.810bn Yearly

Nigeria is constantly losing $8.810 billion every year, and this issue has come to the notice of members of the House of Representatives who has resolved to take action.

The findings carried out by the Reps showed the reason for the annual loss of such a huge fund, and the problem identified here is tied to the non-implementation of a Customs modernisation project.

According to the Chairman, House Committee on Customs, Leke Abejide, who raised the case during the public hearing of the Joint Committees on Customs and Excise, Finance and Banking and Currency, he pointed out that the revenue leakage needs to be stopped.

Finance Minister Responds to Nigeria Losing Fund

However, the Minister of Finance, Mrs ZainabAhmed, was present but represented by Director, Home Finance, Stephen Okon, to respond to questions on the matter and disclosed that it was a pending court case that had delayed the implementation of the project.

Regardless, the lawmaker pressed his point further, stating that the project is expected to generate $176.2 billion during its 20 years concession period and is expected to automate the activities of the Nigeria Customs Service, NCS, and prevent revenue leakages in the sector.

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