News

FG Spent N6trn on War against Terrorism since 2008 – Bawa

…N5.4trn lost to tax evasion by multinationals in 10 years

By Micheal Eyibio

The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Abdulrasheed Bawa, over the weekend disclosed, that over N6 trillion has been expended by the federal government on the war against terrorism since 2008.

He added that about N5.4 trillion was lost to tax evasion by multi-national corporations operating in the country between 2011 and 2021.

NCC Ad

The EFCC boss spoke in a paper presentation with theme: Combating of Crime, Corruption and implication for Development and Security at the 38th Cambridge International Symposium on Economic Crime, organized by the Center for International Documentation on Organized and Economic Crime (CIDOEC), Jesus College, University of Cambridge, United Kingdom (UK).

He called on leaders across the world to rise to the challenge of fighting corruption to enhance global economic development and security.

Bawa, who was represented by his Deputy Chief of Staff, Sambo Mayana, said economic and financial crimes including corruption, which manifest in various forms in different nations, are at the core of global development and security challenges.

He said resources that could support a country’s development are lost through criminal acts like corruption, tax evasion and money laundering.

The EFCC boss, said: “The ‘spoiler-effects’ on countries’ development processes are diverse, and particularly severe for fragile states: economic crime, including illicit financial flows, diverts much needed resources needed to rebuild countries’ public services, from security and justice to basic social services such as health and education”.

“The incidence of illegal mining, smuggling of goods, tax evasion, illegal oil bunkering, illegal arms deal just to mention but a few does not allow the government to receive the full accruals from the continent’s vast resources that are needed for development.”

According to him, the revenue generated are embezzled by government officials and their collaborators in the private sector. This does not allow for economic growth and by extension a hindrance to development, adding that as at August 2021, EFCC has well over 3408 convictions

“From the time I took over as the Executive Chairman, on the 5th of March 2021, we have recovered over N6 billion, over $161 million, over £13,000, €1,730, 200 Canadian dollars, CFA 373,000, ¥8,430 and 30 Real Estates. We have arrested over 1500 internet fraudsters, many of whom are being prosecuted,” he added.

Related Posts

Murder of Five Police Officers: Commission Commiserate with Police Boss, Imo Command

Extraordinaire News

Court Sends 19-Year-old Benin Apprentice, Others to Jail for Internet Fraud

Extraordinaire News

HoCSF Urges NIPSS to Correct Lopsided Admission Anomaly for Federal Civil Servants

Extraordinaire News

HARDSHIP: ATIKU ON WHAT HE WOULD HAVE DONE DIFFERENTLY IF HE WERE IN TINUBU’S SHOE

Extraordinaire News

PRESIDENT APPOINTS MASHKUR SALISU, FORMER ICPC PROSECUTOR, FEDERAL HIGH COURT JUDGE

Extraordinaire News

EFCC Arrests Serving Accountant General of the Federation, Ahmed for N80bn Fraud

Extraordinaire News

EFCC to Work with Real Estate Operators to Sanitize Sector

Extraordinaire News

FORMER KOGI DEP. GOVERNOR, ACHUBA, OTHERS CALL ON EFCC, ICPC, CCB TO ARREST, PROSECUTE EX GOV FOR ALLEGEDLY STEALING N100BN

Extraordinaire News

Climate Change: In Meeting with Biden, Others Buhari Pledges to End Kerosene Lighting by 2030, Others

Extraordinaire News

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.