N32bn revenue loss: Reps report Trade Minister to Buhar

House of Representatives Committee on Public Accounts has threatened to report the Minister of Trade and Industry, Chief Niyi Adebayo over the loss of over N32 billion by the Federal Government in the nation’s Export Free Trade Zones.


The committee also said it will issue a warrant of arrest on the minister should he fail the second time to honor its invitation for the explanation on the matter.

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Chairman of the Committee, Hon Busayo Oluwole Oke (PDP-Osun) disclosed at a session of the panel on Thursday.

He said that Adebayo has refused to appear before the committee to give details on the claims of Companies indicted by the office of the Auditor General of the Federation (oAuGF) on the issuance of alleged fake Certificates of Capital Compliance for Tax waivers.

The Multinational Companies in the Free Trade Zone were said to be parading fake Capital Compliance Certificates over the years which had cost huge loss revenues expected to be collected by the Federal Inland Revenue Services, FIRS.

Oke said: “During our investigations, the companies claimed that the Ministry issued them with Capital Compliance Certificates and in our wisdom, we decided to summon the Minister to confirm, we have extended several invitations to him but as we speak, he is yet to honour our invitation

“Parliament cannot continue to wait for him and for the nation to continue to witness more revenue loses, that’s why we are giving the minister to cause appearance before this Committee to speak on the claims of the companies,

“Consequently, the Committee is calling on the Honourable Minister to appear in person before the Committee on this matter because it appears some people are colluding with the companies to defraud the Federal Government of its legitimate revenues, thereby making the government unable to fulfill its Constitutional roles to the citizens.

“In addition, the Committee is reporting the Minister to his employer, President Muhammadu Buhari to be aware how some of his appointees are carrying out their assignments

“Consequently, an official letter on the matter should be forwarded to the Secretary to the Government of the Federation, SGF, the Chief of Staff To the President, and the Minister of Justice and the Attorney General of the Federation for them to be aware of is going on


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