Nigeria losing up to ₦20trn annually to revenue

Nigeria is estimated to lose up to ₦20 trillion (about $52 billion) each year in revenue due to corruption, tax evasion, oil theft, illegal trade, and weak fiscal controls. The losses stem from under‑reporting of oil production, mismanagement of public funds, smuggling of goods, and inadequate collection of taxes and royalties. Efforts to curb the leak include reforms in the Extractive Industries Transparency Initiative, stronger customs enforcement, digitisation of tax systems, and anti‑corruption measures, but implementation challenges keep the fiscal gap large. Views Nigeria