 The World Bank has demanded debt transparency as a crucial step in countries' development process. It estimates that external financing needs in Nigeria and other low-income developing countries will reach $429 billion between 2023 and 2025. It added that transparency would facilitate new investments, improve accountability, and help reduce corruption. This was stated in its report titled Transparency in Developing Economies on Wednesday. It marked the first comprehensive assessment of the globe and national systems for monitoring and sovereign debt. The countries include Kenya, Honduras, Rwanda, Kosovo, the Gambia, Chad, Nepal, and Nigeria. Still in business, the House of Representatives Committee on Costumes has recommended the suspension of EcoBank PLC from collecting all custom duties on behalf of customs until the bank remits all outstanding of $4.4 billion naira it presently owes the customs. The recommendation is coming after months of deliberations between EcoBank PLC management rather on ways to remit the set amount to the federal government coffers. The committee was tasked with the responsibility of verifying and reconciling all revenue receipts and remittances of customs duties in their size levels for the period of January 2009 and December 30, 2019. It invited all the banks to prefer ways to remit the unaccounted monies back to the consolidated revenue account of the federal government. But after months of deliberations, the House of Representatives fell on EcoBank PLC for failure to convince the committee that it is ready to remit over 4.4 million naira it owes, and also for its failure to submit financial report of its legacy bank, to the front oceanic bank it acquired. The committee recommended the suspension of EcoBank PLC from collecting customs duties to further notice. We will now invite you for this exercise again. We are taking our final decision based on what is our strategy against as I told you when all of you were here. I had a meeting with the CGC and the agreement is that all these banks that are owing we should suspend them for some time from collusion of duty. Pending the time they are able to clear all this upstanding against them. All of the 14 banks like Zennith Bank, Polaris Bank, Fidelity Bank and others were however given one week to tidy up the booth and remit money is owed of faces pension like EcoBank. And it's a matter of times that we ask for three weeks grace and I believe that we three weeks will get it out for them sir. We got an information that the initial one was not in tandem with what was requested that's the format so we have to respool all over and then we send it to the auditor. In response to the schedule given to us we made submission to the consultants giving them detailed information on remittances of majorly all the items listed against the bank has been remitted. The committee adjourned a week in vain next week for its final report before submitting it to the House for further legislative action. Hello hope you enjoyed the news please do subscribe to our YouTube channel and don't forget to hit the notification button so you get notified about fresh news updates.