Nigeria, others lose $170billion yearly in tax revenue

OXFAM International, a global development organisation that mobilises the power of people against poverty, says Nigeria and other developing countries are losing at least $170 billion in tax revenues each year, because rich individuals and multinational companies hide vast amounts of money using tax havens.

According to Oxfam”many governments are complicit in sustaining this network. Poorer countries in particular suffer the consequences: they are deprived of funds to provide services like health and education, and to tackle poverty and extreme inequality.

”Governments need to act together to force this system to end, and create a global tax system that works for the many, not the few.

Head of the of the group’s Inequality Campaign, Deepak Xavier statement stressed that OXFAM would present this petition to world leaders as they meet at the UN General Assembly in September 2016, exactly a year after they committed to global goals to end extreme poverty and reduce inequality.” It’s time to end the era of tax havens and bring an end to inequality