By George Ozalla
In a bid to tackle ever increasing spate of illicit financial flows, various key stakeholders have gathered at the National Conference on Illicit Financial Flows in Abuja to brainstorm on workable action plans. Holding at the Transcorp Hilton Hotel, Abuja, the two-day high-level conference kicked off tuesday with the Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, PhD, delivering the welcome address.
“Illicit Financial Flows through tax evasion, profit shifting, and money laundering are draining national resources and threatening fiscal stability. The recent signing of four tax reform bills marks a critical step toward transparency, system overhaul, and stronger institutions. FIRS is responding with a multi-dimensional strategy: promoting voluntary compliance, embracing digital intelligence, and enhancing enforcement under the Proceeds of Crime Act. A need for unified, data-driven, and globally coordinated action to close fiscal gaps and protect Nigeria’s economic future”, Adedeji said
Minister of State for Finance, Doris Uzoka-Anite, has also described illicit flows as a serious national threat, linking them to reduced funding for essential services and deepening poverty.
Nigeria loses an estimated 17.7 billion dollars annually to illicit financial flows, representing about 20 percent of Africa’s annual losses to such practices. Africa loses an estimated 88.6 billion dollars annually to illicit financial flows. Illicit financial flows through tax evasion, profit-shifting, money laundering, and trade mis-invoicing deprive Nigeria of funds needed for infrastructure, public services, and inclusive growth.
