By Erewunmi Peace

The Federal Government has reaffirmed its commitment to curbing illicit financial flows (IFFs) and safeguarding Nigeria’s economic sovereignty. This was made clear by the Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, who delivered a powerful address at the National Conference on Illicit Financial Flows held in Abuja.

Speaking with conviction, Dr. Adedeji stated that illicit financial flows—including trade mispricing, tax evasion, aggressive tax avoidance, and profit shifting by multinational corporations—have contributed to massive losses in national revenue and are undermining Nigeria’s ability to fund development.

“What leaves Nigeria through these channels is not just money—it is a lost opportunity for better healthcare, quality education, and infrastructure,” he declared.

New Directorate Launched

In a bold step to combat the trend, FIRS has now established a Proceeds of Crime Management and Illicit Flows Coordination Directorate. The unit is designed to track, prevent, and recover funds illegally moved out of the country, while also facilitating collaboration between key government agencies.

These agencies include:

FIRS

Central Bank of Nigeria (CBN)

Nigerian Customs Service

Economic and Financial Crimes Commission (EFCC)

Independent Corrupt Practices Commission (ICPC)

Federal Ministries of Finance, Trade and Justice

Urgent Call for Collaboration

Dr. Adedeji emphasized that no single agency can win the fight against IFFs alone. He called for data sharing, policy alignment, and international cooperation to hold perpetrators accountable and plug revenue leakages.

“To truly reclaim what is ours, we must act collectively and decisively,” he urged.

National Impact

According to recent studies, Nigeria loses billions of dollars annually through illicit financial outflows. These funds are often hidden in foreign bank accounts, routed through complex tax havens, or misreported in cross-border trade.

Experts believe the FIRS-led initiative could:

Increase tax transparency

Restore investor confidence

Improve public trust in government institutions