Reps probe cbn firs others over 30 billion revenue leakages from forex allocation

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Reps Probe CBN, FIRS, Others Over N30 Billion Revenue Leakages from Forex Allocation

The House of Representatives has launched an investigation into the alleged N30 billion revenue leakages from the allocation of foreign exchange (forex) by the Central Bank of Nigeria (CBN) and other government agencies.

The probe was initiated following a petition by the Nigeria Customs Service (NCS) to the House Committee on Finance, alleging that the CBN, Federal Inland Revenue Service (FIRS), and other agencies have been diverting forex allocated to them for various purposes.

The petition alleged that the CBN has been allocating forex to the FIRS, NCS, and other agencies without proper documentation and accountability, leading to massive revenue leakages.

The House Committee on Finance, led by Hon. James Faleke, has summoned the CBN Governor, Godwin Emefiele, and other officials of the apex bank, as well as the FIRS and NCS, to appear before it to explain the alleged irregularities.

The committee has also requested for documents and records of forex allocation and utilization by the CBN and other agencies since 2015.

The probe is expected to uncover the truth behind the alleged revenue leakages and ensure that those responsible are held accountable.

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