November 28, 2021

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‘Nigeria losing N100bn yearly to tax fraud’

Nigeria loses not less than N100b annually in tax-related fraud, it has been observed.

Participants at the 25th Anti-corruption Situation Room organised by HEDA Resource Centre in Lagos said tax manipulation and evasion by individuals and corporate organisations remain one of the most devastating sources of corruption in Nigeria.

Their observation was contained in a communique issued at the end of the conference organised to commemorate the nation’s Democracy Day.

Some of the participating groups include but not limited to representatives of the Economic and Financial Crimes Commission, (EFCC), Code of Conduct Bureau (CCB), MacArthur Foundation, Open Society Initiative for West Africa, (OSIWA), Society for West Africa Internal Auditors Practitioners of Taxation of Nigeria, (CITN), Lagos Chambers of Commerce, Chartered Institute of Loan and Risk Management, (CILRN), among others.

“Corruption cannot be fought effectively unless Nigeria deals with tax fraud. Many individuals and corporate organisations evade or manipulate tax. They do this in collaboration with professionals like accountants and lawyers.

“Tax remains the only steady source of income. Unless there is a transparent tax regime, more than 100bn will be lost by Nigerians every year to tax-related fraud,” the communique read.

Chairman, HEDA Resource Centre, Mr Olanrewaju Suraju said corruption remains a teething problem in Nigeria with grave consequences on political stability, poverty, lack of jobs, a growing wave of violence and extremism urging Nigerians to work in unity to tackle corruption headlong.