The Independent Corrupt Practices and Other Related Offences Commission (ICPC), has urged all ministries, departments and agencies (MDAs), as well as the organised private sector to work together to help curb an estimated $10billion illicit financial flows (IFFs) out of the country.
Chairman of the ICPC, Prof. Bolaji Owasanoye, who made the call on Wednesday at the Review of Report on IFFs in Relation to Tax, stressed that taxation plays a crucial role in the nation’s political economy.
The meeting also attended by the Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr Muhammad Nami, among other key stakeholders in the industry, was convened to improve awareness on illicit fund flows especially as it revolves around taxation.
He said”Taxes play a very strategic role in the nation’s political economy and a very crucial focus in curbing illicit fund flows and ease of doing business in Nigeria”.
He noted that President Muhammadu Buhari’s administration made a commitment to take 100 milion Nigerians out of poverty over a period of 10 years and rebuild critical infrastructures by improving revenue generation through expansion of the tax net and efficient tax administration.
“The African Union Illicit Financial Flow Report estimated that Africa loses nearly $50billion through profit shifting by Multinational Corporations (MNC) and about 20 percent of this figure is from Nigeria alone.”