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Extractive industry: Nigeria annually loses N4.4trn –  CSO

 

The Civil Society Legislative Advocacy Centre  has said Nigeria loses over four trillion naira annually in the extractive industry due to lack of laws and policies.

CISLAC Director of Legal , Mr Adesina Oke, disclosed this at a stakeholders ‘ meeting on Sunday in Lagos .

The stakeholders ‘ meeting is a collaborative effort of CISLAC , Connected Development and Oxfam .

Oke added that Africa also loses over 50 billion dollars every year due to illicit financial flows .

He , however , noted that pending laws before the National Assembly, as well as policies yet to be implemented by the executive , could have curbed these losses .

He said that of the 50 billion dollars, Nigeria accounted for 30 .5 per cent which represents 15 . 2 billion dollars.

Oke explained that out of the 15 . 2 billion dollars losses , the oil -dominated extractive industry alone represented 95 .2 per cent of the figure , amounting to 14 . 5 billion dollars ( N 4. 44 trillion) .

Oke regretted that bills that could have curbed and eventually stopped these loses had been pending before the National Assembly.

He listed some of the bills and policies to include the Petroleum Industry Bill , Proceeds of Crime Bill , Whistle Blower Protection Bill and the policy to know the beneficial owners of registered companies .

“We had this dialogue to prepare us for the 9 th Assembly so that we can immediately take off in ensuring that those bills are pushed and passed .

“The PIB has come a long way and we have been struggling to ensure these bills are passed , but it has been going front and back .

“It is not even as though what is contained in the bill is all that is desired , but it is better to have a law in place that you can amend than not to have any law at all .

“As it is now , those things that are primary are the ones that are being pushed so that we can have a PIB law in place then the amendments can come later.$ 1 .3 bn Nigerian deal.

“If these laws are in place , when something is not being done the way it ought to be done you can question; but when there are no laws , there is nothing you can do, ” he said.

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