The Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji, has delivered a scathing rebuke of illicit financial flows from Nigeria, warning that the quiet siphoning of national wealth through tax avoidance and trade manipulation is undermining the country’s development and crippling vital public services.
Speaking at the National Conference on Illicit Financial Flows in Abuja, Dr Adedeji declared: “No government can meet the needs of its people if it allows its revenue to be quietly extracted and transferred elsewhere.”
The conference, which drew key players from across government agencies and international institutions, focused on the growing concern of illicit funds leaving Nigeria through complex financial arrangements, often appearing legitimate but robbing the country of revenue.
Tax Avoidance Is Killing Infrastructure
Dr Adedeji pointed to a range of tactics used to shift profits abroad and manipulate Nigeria’s tax laws.
“We are being drained by mispriced trade, profit shifting, and aggressive avoidance schemes. These funds should be building our schools, hospitals, and roads, but instead they disappear into offshore accounts,” he said.
He emphasised that many tax treaties signed decades ago no longer serve Nigeria’s interests, giving multinational corporations too much leeway to repatriate profits untaxed.
“We have commenced a review of those treaties,” he announced, adding that negotiations are ongoing with several countries to close the loopholes.
The FIRS Chairman also cited the need for real-time tracking of financial transactions, saying, “It is not acceptable for the country to be blind to financial movements happening in its economy.”
He revealed that FIRS is developing a “modern data engine” to monitor financial flows more accurately and ensure that tax obligations are not evaded under the guise of accounting tricks.
United Front Against a National Threat
Dr Adedeji called for stronger collaboration across institutions, stating, “This is not a fight for FIRS alone. We need Customs, the EFCC, the ICPC, the Central Bank, and our ministries to be fully involved. Everyone must be on the same page.”
Among those present at the conference were Dr Doris Uzoka-Anite, Minister of Industry, Trade and Investment; Irene Ovonji-Odida of the United Nations High-Level Panel on Illicit Financial Flows; and representatives from the ICPC, EFCC, Nigeria Customs Service, Central Bank of Nigeria, and the Securities and Exchange Commission.
In a show of institutional reform, Dr Adedeji announced the creation of the Proceeds of Crime Management and Illicit Flows Coordination Directorate within the FIRS.
This new unit is tasked with specifically tackling the challenge of illicit flows and coordinating asset recovery with other law enforcement agencies.
“This Is Not Talk. It Is Action” – FIRS Boss
The FIRS Chairman's message was clear: the era of indifference to financial leakages must come to an end.
“What leaves Nigeria through these channels is not just money, but a lost opportunity,” he stressed.
He reminded the gathering that his agency had already taken bold steps, including the launch of an Anti-Corruption and Transparency Unit in partnership with the ICPC, to ensure integrity in revenue collection.
“We’re not just talking about change; we’re making it happen,” he said.
Dr Adedeji's approach, described by observers as both visionary and unrelenting, marks a sharp turn from the past.
“This kind of leadership is rare. It is serious, focused, and rooted in national interest,” said Arabinrin Aderonke, technical assistant on broadcast media to the FIRS chairman, in a later commentary.
As Nigeria continues to battle with high public debt and underfunded sectors, the renewed clampdown on illicit financial flows signals a shift towards more accountable and transparent financial governance.
ridoola.blogspot.com.ng
Comments
Post a Comment