The federal government Wednesday announced that it had lost about $1 trillion to tax evasion and avoidance by multinational companies.
The Minister of Information and Culture, Lai Mohammed, who dropped the hint after the Federal Executive Council (FEC) meeting in Abuja yesterday, said to address the problem, multinationals operating in Nigeria would be compelled to provide reports on their operations in other countries.
The federal government also approved the construction of a bigger seaport in Badagry, Lagos State, which will be built by the private sector.
On the stricter regulation of corporate taxation, Mohammed stressed that the government approved an agreement to compel all multinationals operating in Nigeria to file accounts on their operations in other countries, so as to enable the Nigerian tax authorities determine that such multinationals are not hiding taxable incomes from Nigeria.
Mohammad who addressed journalists alongside the Minister for Power, Works and Housing, Babatunde Fashola, and Minister for Transport, Rotimi Amaechi, said two memoranda were approved by FEC.