Abuja, Aug. 17, 2023 – Dr. Adelabu Adedeji, the Special Adviser to the President on Revenue, says Nigeria has achieved progress in the fight against illicit financial inflows (IFFs)
He said the progress was achieve through the concerted efforts of the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
Adedeji said this in Abuja on Thursday at workshop on “Published Guidelines for Private Sector Response to Illicit Financial Flows Vulnerabilities in Nigeria,” organised by ICPC.
He said the efforts had yielded great results and benefits as the nation had plugged identified leakages and loopholes that enable IFFs by the relevant circulars issued by the Federal Government.
Adedeji said illicit financial flows would continue to significantly erode domestic revenues if not checked.
He said illicit financial inflows would also encourage corruption and threaten economic stability as well as sustainable development.
Adedeji said illicit financial flows had dominated global discussions in recent times because of its negative impact on global development agenda as well as the governance challenges it had generated.
“The IFFs, unless checked, will continue to significantly erode domestic revenues, enable corruption, threaten economic stability and sustainable development, divert money from public priorities as well as hamper government’s efforts to mobilise domestic resources and recover better.
“In Nigeria and across the African continent, we continue to suffer various forms of IFFs, including tax evasion and other harmful tax practices, the illegal export of foreign exchange, abusive transfer pricing, trade mispricing, mis-invoicing of services, illegal exploitation and under-invoicing of natural resources, organised crimes, and corruption,”
“The key focus of today’s workshop is to sensitise the key players in the private sector on the contents of the published guidelines viz-a-viz their various roles.
“The purpose of the published guidelines is to further assist, guide and strengthen the private sector operators in curbing IFFs. The aim of this publication is to set the path for more interventions in the fight against IFFs and IFF-related activities.
“Therefore, I am fully convinced that the ‘Published Guidelines for Private Sector Response to Illicit Financial Flows Vulnerabilities in Nigeria will set a new trajectory in the fight against IFFs in the private sector angle thereby putting Nigeria at the forefront of African countries to achieve this great feat,” Adedeji said.
Prof. Bolaji Owasanoye, the Chairman, ICPC, said the attainment of sustainable development goals was the responsibility of all nation-states.
“Recognising that this task will remain a mirage except the resources required are available, the international community adopted the Addis Ababa Action Agenda at the third international conference on financing for development.
“It was subsequently endorsed by the United Nations General Assembly via resolution 69/313 of 27 July 2015. The agenda enhances the prospects of attaining the 2030 agenda for Sustainable Development.”
“Specifically, the agenda provides a new global framework for financing sustainable development by aligning all financing flows and state policies with economic, social and environmental priorities,” he said. (GBN)
