…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.
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.