The House of Representatives has resolved to save Nigeria the estimated capital flight of $40.7billion, representing 46 percent of the total of $88.6 billion that leaves the African continent through money laundering, tax evasion, diverted revenues, offshore investments, and other forms of capital flights every year.
To this end, the House urged the federal government to develop effective mechanism and strategy to prevent the persistent occurrence and address the menace of capital flight in Nigeria; The House also urged the government to partner with private institutions to build world-class medical facilities in major cities in Nigeria or upgrade and equip the existing ones with adequate facilities based on build, operate and transfer by private investors in a way that will allow the investors to manage the same for an agreed period.
The House, while adopting a motion on: “Urgent Need to Address the Menace of Capital Flight in Nigeria” moved by Afolabi Olalekan (APC, Osun) mandated the Committee on Legislative Compliance to ensure implementation.
Presenting the motion, Olalekan noted that capital flight has been one of the unresolved and persistent macroeconomic problems plaguing the nation for over four decades.
Ada Peter
