Nigeria Loses $10 Billion To IFFs- ICPC

The Independent Corrupt Practices and Other Related Offences Commission, ICPC has confirmed that Nigeria loses $10 billion to Illicit Financial Flows, IFFs.

Chairman of the Commission, Bolaji Owasanoye, said Nigeria accounts for about 20 per cent of the estimated $50 billion that Africa was losing to IFFs.

In his welcome remark at the meeting to review the report on IFFs, Owasonoye further stated that Africa is losing nearly $50 billion.

According to him, the loss was contained in the African Union Illicit Financial Flow Report. He also explained that taxes play a very strategic role in the nation’s political economy.

The ICPC boss emphasized the need to improve on the awareness of IFFs, especially in taxation.

Nigeria Loses $10 Billion

Meanwhile, the Executive Chairman of Federal Inland Revenue Service, Mr Muhammad Nami, expressed concerns that IFFs pose a severe threat to the Nigerian economy.

Nami noted that the IFFs robs the nation of resources needed for development, adding that tackling IFFs would expand the country’s tax base and improve revenue generation.

However, he commended ICPC for leveraging its corruption prevention mandate to open a new vista in IFFs discourse.


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