He said that the quarries further bothered on financial misapplication, misappropriation, under-reporting and falsification.
He noted that the losses were allegedly occasioned by an interplay of activities of persons both in the public and private sectors of the Nigerian economy.
This according to him, include multinational companies and the continued exploitation of Nigeria’s economy through the deployment of deceitful and irregular accounting practices.
He said that that had resulted in huge capital flight, deficit balances and a weakened economy.
“Sections 88 and 89 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) confer on the legislature power to investigate with the aim of exposing corruption,” he said.
The lawmaker said that if urgent steps were not taken to address the hydra-headed issues, they might lead to a total collapse of the economy with its attendant social and political crisis;
Meanwhile, the House has mandate the Committee on Public Accounts to investigate the allegations and report back within eight weeks for further legislative action. (NAN)