The House of Representatives has urged the Federal Government to develop effective mechanism towards halting massive capital flight in Nigeria.
This followed the adoption of motion by Rep. Afolabi Olalekan (APC-Osun) at plenary on Tuesday in Abuja.
Moving the motion, Olalekan said that capital flight has been one of the unresolved and persistent macroeconomic problems plaguing the nation for over four decades.
“Ironically, Nigeria is ranked among the highest producers of crude oil in the world and earns a huge amount of foreign exchange from its exports but still falls short of capital to develop, maintain and upgrade its infrastructure,” he said.
He said that the country’s underdevelopment was due to high capital flight compared to accumulated domestic investments.