The Senate on Wednesday moved to address Nigeria’s revenue loss owing to money laundering, tax evasion by international oil companies operating in the country , and other criminal activities involving illicit financial flows.
Also to be invited are the heads of the Nigerian Financial Intelligence Unit , the Nigerian Export-Import Bank , Nigerian National Petroleum Corporation among other relevant institutions. “This economic loss to the country was not abated, as Nigeria was ranked among the global top 30 countries of illicit financial outflows by dollar value, with US$8.3 billion in an illicit outflow from Nigeria in 2015.”
“This incessant financial drain on the Nigerian economy continues to have negative implications for domestic resource mobilization and long-term economic growth and development.”
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