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Reps seek three-year amnesty for treasury looters

Reps seek three-year amnesty for treasury looters
June 19
08:17 2017

A bill seeking to grant a three-year amnesty to those willing to return their loot from Nigeria’s treasury has been introduced at the house of representatives.

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The proposed legislation seeks to establish a voluntary taxable income recovery and amnesty scheme through which stolen wealth could be injected into the economy.

Speaking with LEADERSHIP, Linus Okorie, sponsor of the bill, said once it is signed into law, treasury looters are expected to voluntarily declare stolen money before the Central Bank of Nigeria (CBN).

“After the declaration,  30 percent of the declared sum will be paid as tax into the federation account for distribution to all the tiers of government in the country,” Okorie said.

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“While a 25 percent surcharge on the tax shall be deplored towards agricultural and infrastructural developments in the country. The remaining fund shall be invested in any sector of choice in the nation’s economy.”

Okorie, who stated that the bill is to aid the fight against corruption, said the amnesty scheme would benefit the country immensely as returned funds would spur economic growth in the country.

“In effect, our anti-corruption drive would then be prosecuted on a new paradigm and robust strategy supported by a national consensus built upon a positive attitudinal shift,” the lawmaker said.

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