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•Every kobo of Nigeria’s revenue’ll count –Presidency
From Adanna Nnamani, Abuja
The Chairman Independent Corrupt Practices and other related Offences Commission (ICPC), Prof. Bolaji Owasanoye, has said that Illicit Financial Flows (IFFs) are draining the country’s foreign reserves and revenue.
Owasanoye disclosed this, Thursday at a one-day hybrid sensitisation workshop on the published “Guidelines for Private Sector Response to Illicit Financial Flow (IFF) Vulnerabilities in Nigeria” organised by the Commission in Abuja.
He explained that IFFs have a detrimental effect on the economy of the nation because they cause currency rates to depreciate, fuel inflation and raise the cost of repaying foreign debts.
The ICPC boss asserted that the business sector contributes 70 percent of the IFFS route while other sectors are responsible for 30 percent .
In order to stop the impact of IFFs on the Nigerian economy, he emphasized the necessity for the private sector to participate in curbing it.
“To the extent that IFFs is a drain on Nigeria’s potential revenue accretion, it is also a drain on her forex reserves, as it contributes to exchange rate depreciation, which feeds inflation and increases the cost of servicing external debts. More importantly, it negatively impacts the cost of imported goods like petroleum with its attendant radical consequences on the daily livelihood experience of ordinary citizens.
“To get out of this trap, diverse measures are required to tackle IFFs in all their forms and to improve Nigeria’s quest for domestic revenue to increase relative to the size of her economy and despite the volatile global economic and financial system” he stated.
In his remarks, the Special Adviser to President Bola Tinubu on Revenue, Zacch Adedeji, stated that the government would ensure that every cent of the country’s income counted.
Adedeji said that the Tinubu administration believes in fiscal restraint and would make wise use of the nation’s resources. He promised that the nation’s effort to combat illicit financial flows (IFFs) would be strengthened by the administration.
Adedeji pointed out that the IFFs had seriously undermined domestic revenue and complicated government’s efforts to raise funds, endangering economic stability and sustainable development.
According to him, “The President believes in fiscal discipline which rests on the accurate prediction of revenue. If the government can’t count your money, the government can’t allocate it and if the government can’t allocate it, it can’t manage it. The administration of President Bola Ahmed Tinubu will make every kobo of our revenue count.”
“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.”
He emphasised that stemming illicit financial flows would address its negative impact on global development agenda as well as governance challenge.
Adedeji commended the Chairman of the ICPC, Prof. Bolaji Owasanoye, for the successes so far recorded by the anti-corruption agency in the fight against IFFs.
According to him, “Some level of progress and successes have so far been recorded in the fight against IFFs through the concerted efforts of the ICPC’s sensitization and capacity building of major players in the various sectors of the economy as well as citizenry on the menace of IFFs.
“These efforts have yielded great results and benefits as the nation through these robust engagements has plugged identified leakages/loopholes that enable IFFs by the relevant circulars issued by the Federal Government,” he stated.
He advised the private sector stakeholders and operators at the sensitisation workshop to key into the government’s efforts to tackle IFFs.
“The published guidelines will set a new trajectory in the fight against IFFs in the Private Sector, thereby putting Nigeria at the forefront of African countries to achieve this great feat.
“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,” Adedeji said.
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