Nigeria losing N100bn to tax fraud yearly – Report

Nigeria may have been losing about N100bn annually to tax-related frauds, participants at the 25th Anti-corruption Situation Room organised by HEDA Resource Centre have said.
This, they said in a statement issued after the conference, resulted from tax manipulation and evasion by individuals and corporate organisations.

Chairman, HEDA Resource Centre, Olanrewaju Suraju, said corruption remained a major problem in Nigeria with grave consequences such as political instability, poverty, lack of jobs and a growing wave of violence.
“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 N100 billion will be lost by Nigeria every year to tax-related fraud,” HEDA said in a statement.
Illicit money transfer, bribery, electoral malpractices, sharp practices by professionals and an increasing number of cybercriminals were some of the corruption patterns listed.
“Corruption affects every citizen, young and old, men and women, physically challenged, children and youths, rich and poor, armed and defenceless people alike,” the statement said.
The participants expressed deep concern over how corruption had been affecting women and the girl child across the country either through exclusion, discrimination or sex exploitation.
The participants, however, acknowledged efforts of the Nigerian government in the past years in the fight against corruption, and listed such efforts as Bank Verification Number, Treasury Single Account, trial and conviction of high profile politically exposed persons.