The House of Representatives on Monday began investigations to identify and block revenue leakages that have cost the country more than $30 billion annually.
The investigative hearing is being conducted by the joint House Committees on Finance, Banking and Currency.
Declaring the hearing open, House of Representatives Speaker, Femi Gbajabimila, said that Nigeria is facing significant revenue challenges as a result of the global collapse in the crude oil prices.
He said that the collapse of oil prices has brought severe and ongoing contraction in the global economy, reiterating that the country does not have the resources needed to deliver on development ambitions and infrastructure projects the Buhari administration is committed to delivering.
Gbajabimila said that under the prevailing circumstances, it is unconscionable that the nation is still losing huge revenue to avoidable leakages in the system.
The speaker said that the House of Representatives has resolved to identify the sources of the leakages and block them, adding that the systemic failures that have either created the leakages or caused them to persist must be addressed.
“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 (MDAs) 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,” he declared.