Nigeria losing up to ₦20trn annually to revenue

Nigeria is estimated to lose up to ₦20 trillion (about $50 billion) each year due to tax evasion, customs fraud, illegal oil exports, under‑reporting of revenues, and weak enforcement of fiscal laws. The losses stem from loopholes in the tax system, corruption, inadequate data collection, and insufficient capacity of agencies like the Federal Inland Revenue Service and the Nigeria Customs Service. Efforts to curb the leak include digitising tax administration, strengthening customs controls, and improving transparency in the oil sector. Views Nigeria