The House of Representatives has commenced investigations to identify and block revenue leakages that cost Nigeria in excess of $30 billion annually.
The investigative hearing, which began on Monday in Abuja, was organised by the joint House Committees on Finance, Banking and Currency.
The Speaker of the House, Rep. Femi Gbajabimila, said Nigeria is facing significant revenue challenges as a result of global collapse in the price of crude oil.
He said collapse of oil price had brought about severe and ongoing contraction in the global economy.
According to him: “The sum of these is that we do not have the resources we need to deliver on our development ambitions and the infrastructure projects we have committed to.”
Gbajabimila said under the circumstances, it was unconscionable that Nigeria is still losing vast sums of money to avoidable leakages in the system.
The Speaker said the House of Representatives had resolved to identify the sources of the leakages and block them.
He said the systemic failures that have either created the leakages or caused them to persist must be addressed.
Gbajabiamila said: “We will follow on from that by taking necessary action to propose and implement solutions that will ensure our country no longer loses these huge sums, we desperately need to build infrastructure and support enterprise that creates jobs for our people.
“For this Joint Committee to deliver on the mandate of the House in this instance, there is a need to work with the ministries, departments, and agencies of the government.
“This effort by the House is in fulfilment of our constitutional obligations and we intend to act always with integrity and diligence in the best interest of our nation.
“I encourage our executive colleagues to see this as an opportunity for constructive collaboration in the national interest.”