The House of Representatives on Thursday resolved to set up a special investigating panel to recover about N28 trillion revenue allegedly lost as a result of trade malpractices by private local and private companies.
The panel is expected to track the activities of local and foreign companies, land, sea and air, so as to prevent “haemorrhaging the Nigeria economy” through alleged trade malpractices.
This followed the adoption of a motion by Hon. Olufemi Bamisele on “Need to track activities in the private sector and halt the haemorrhaging of the economy through alleged trade malpractices”.
Bamisele, in his motion, stated that despite the effort of government agencies to track activities in the private sector, local and foreign companies operating in the country have allegedly devised means to rip off the government.
The lawmaker posited that “in the last eight years Nigeria lost an estimated sum N28 trillion to trade malpractices perpetrated by rogue foreign companies.
“Daily, hundreds of trade malpractices are carried out by foreign and local companies operating in the different sectors of Nigeria’s economy. The EFCC, customs, Nigeria ports Authority (NPA) and Nimasa can definitely not be at all places at the same time.”
He added that “in the maritime company alone, the volume of revenue diverted by foreign companies is about 40 times the revenue target of Nigeria customs service. This is the same practice in dozens of sub sectors of the Nigeria economy. “
According to him, “some of the prevalent cases are happening in Nigeria’s free trade zone including the Oil & Gas Free Trade Zones Authority (OGFTZA).”
Consequently, he expressed worry that if the trend is allowed to continue, the country’s economy would worsen to the detriment of the people.
“If this issue is not addressed Nigeria will keep losing to trade malpractices as a result of the loose ends in the foreign companies…There is a similar motive why the said Act is been carried out despite different efforts by government agencies to track activities in the private sectors and foreign companies, ” Bamisele stated.
He added that “there is a need to investigate and ascertain the illegal economy trade malpractice carried out in the private sector, foreign and local companies in Nigeria.”