From left: Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS); Dr. Doris Anite-Uzoka, Minister of State for Finance; Bashir Adeniyi, Comptroller General of the Nigeria Customs Service; Honourable Irene Ovonji-Odida, Member of the Thabo Mbeki Panel on Illicit Financial Flows; and Professor Bolaji Owasanoye, FIRS Coordinating Director, Proceeds of Crime Management and IFF, at the opening of a two-day national conference on Illicit Financial Flows (IFFs) held at Transcorp Hilton in Abuja. The conference aimed to discuss the challenges posed by IFFs and identify solutions to tackle this menace and promote economic development.
Stakeholders from across sectors and agencies have unanimously agreed that illicit financial flows (IFFs) remain a critical drain on government’s generable revenue. They made this call at the opening of a two-day national conference on IFFs organized by the Federal Inland Revenue Service (FIRS) with the theme: “Combating IFFs: Strengthening Nigeria’s Domestic Resource Mobilisation” held at Transcorp Hilton, Abuja.
An expert noted that West and North Africa lost $407 billion through trade mis-invoicing in 10 years. This staggering figure highlights the need for urgent action to tackle IFFs and strengthen domestic resource mobilization.
FIRS Chairman, Zacch Adedeji, charged participants to use the conference to bring about constructive collaboration to stop IFFs and revitalize the country’s fiscal landscape. He emphasized the need for stakeholders to work together to address the menace of IFFs.
The conference called for greater collaboration among stakeholders, including the FIRS, Finance Minister, Customs, and other agencies. Participants recognized that tackling IFFs requires a multi-faceted approach and a concerted effort from all stakeholders.
IFFs have a significant impact on Nigeria’s economy, depriving the government of much-needed revenue. The conference highlighted the need for urgent action to tackle IFFs and strengthen domestic resource mobilization.
The conference emphasized the importance of strengthening domestic resource mobilization to reduce dependence on external funding. Participants noted that tackling IFFs is critical to achieving this goal.
The conference made several recommendations, including the need for greater collaboration among stakeholders, improved transparency and accountability, and the implementation of effective policies and strategies to tackle IFFs.
The conference highlighted the need for urgent action to tackle IFFs and strengthen domestic resource mobilization. Stakeholders emphasized the importance of collaboration and coordination in addressing the menace of IFFs.
The way forward involves implementing effective policies and strategies to tackle IFFs, improving transparency and accountability, and promoting greater collaboration among stakeholders. By working together, Nigeria can retain wealth generated locally and reduce the impact of IFFs on its economy.
The FIRS reaffirmed its commitment to tackling IFFs and strengthening domestic resource mobilization. The agency will continue to work with stakeholders to implement effective policies and strategies to address the menace of IFFs.
Stakeholders pledged their support for the FIRS’ efforts to tackle IFFs. They recognize the importance of collaboration and coordination in addressing the menace of IFFs.
The national conference on IFFs provided a platform for stakeholders to discuss the challenges posed by IFFs and identify solutions. The conference was a success, and its recommendations will inform policy and decision-making on IFFs.
Tackling IFFs requires a multi-faceted approach that involves collaboration and coordination among stakeholders. The conference emphasized the need for effective policies and strategies to address the menace of IFFs.
Domestic resource mobilization is critical to promoting economic development. The conference highlighted the need to strengthen domestic resource mobilization to reduce dependence on external funding.
Stakeholders emphasized the need for urgent action to tackle IFFs and strengthen domestic resource mobilization. The FIRS and other stakeholders will continue to work together to implement effective policies and strategies to address the menace of IFFs.