Nigeria loses N2trn to tax evasion, cyber crime

Aloysius Etok, Chairman, Senate Committee on Establishment and Public Service Matters, has revealed that Nigeria has lost over N2 trillion due to tax evasion and cyber crimes perpetrated by some Nigerians.

This comes as he tasked the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and other Related Offences Commission (ICPC) to use their powers to strip corrupt officials proceeds of their dealings.

Etok, who represents Akwa Ibom North spoke while addressing a valedictory session of the National Assembly Anti-Money Laundering and Cyber Security Coalition, on Wednesday.

The senator who explained that he got the figure from the various briefings of the EFCC and the ICPC, insisted that given the ugly development, fighting tax evasion had become a necessity.

He disclosed that fighting corruption and tax evasion was always the core priority of the coalition, saying the committee, more than ever, was fighting the challenges on multiple fronts but noted that the problems seemed daunting.

He said: “It is now time for action action-prosecution, investigation and recovery. Investigations should not be delayed in courts especially when it involves tax evasion and corruption.

“The corrosive effect of these economic crimes affects, not just Nigeria, but the international community.

“Although we may not experience acutely or as personally, some of the consequences of these economic crimes on tax evasion, siphoning of money, splitting of contracts by corrupt government officials, the negative effect of this menace indirectly generate negative impacts on economy which leads to so much poverty, unemployment and threats to our national security”.

According to him, when tax evasion takes hold of the economy, it leads to unfair competition, stating that “Some capable companies are being denied the ability to compete in a fair and transparent environment”.

The federal lawmaker also said operation of the free trade zone in perpetuity without payment of tax has resulted in the loss of revenue and poor infrastructure “which in most cases makes the government become a tenant instead of a landlord”.

He urged the 8th National Assembly which would be inaugurated next week to ensure the speedy passage of Petroleum Industry Bill (PIB), enactment of assets recovery law, strengthening of anti-graft agencies through funding and enforcement of federal character law to strengthen the unity of the country.

The event was graced by representatives of the Central Bank of Nigeria (CBN), Economic and Financial Crimes Commission (EFCC), Nigeria Immigration Service, Court of Appeal, National Identity Management Commission (NIMC), Standards Organisation of Nigeria (SON), Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and other related offences Commission (ICPC), members of the diplomatic corps among others.

He urged the 8th National Assembly which would be inaugurated next week to ensure the speedy passage of Petroleum Industry Bill (PIB), enactment of assets recovery law, strengthening of anti-graft agencies through funding and enforcement of federal character law to strengthen the unity of the country.