Senate moves to block Nigeria’s revenue loss, tax evasion by IOCs

The Senate on Wednesday moved to block Nigeria’s revenue loss owing to money laundering, tax evasion by international oil companies operating in the country (IOCs), proceeds of corruption and other criminal activities involving illicit financial flows. The Red Chamber took the decision sequel to the consideration of a motion on “the need to review the domestic legal framework against illicit Financial Flows and to consider the creation of a Tax Amnesty for the voluntary repatriation of funds to Nigeria.” The upper chamber, accordingly, resolved to invite the Minister of Finance, Budget and National Planning, Zainab Ahmed, and the Heads of the Federal Inland Revenue Service (FIRS); Economic...