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FG aims to ensure prudent utilization of revenue, promotes fight against illicit financial flows ~Adedeji

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In a commitment to enhance fiscal discipline and strengthen the economy’s financial resilience, the Special Adviser to President Bola Ahmed Tinubu on Revenue, Mr. Zacch Adedeji, announced that every unit of Nigeria’s revenue will be meticulously managed for optimal impact.

Adedeji’s remarks were made during a hybrid sensitization workshop organized by the Independent Corrupt Practices and Other Related Offenses Commission (ICPC) in Abuja.

The workshop, themed “Guidelines for Private Sector Response to Illicit Financial Flow (IFF) Vulnerabilities in Nigeria,” sought to address the growing concern over illicit financial flows and their detrimental impact on Nigeria’s economy.

Adedeji expressed President Tinubu’s dedication to ensuring fiscal prudence and the judicious allocation of the nation’s resources.

“The President believes in fiscal discipline, which rests on the accurate prediction of revenue. If the government can’t count your money, it 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,” Mr. Adedeji affirmed.

Illicit financial flows have posed significant challenges to Nigeria’s economic stability and sustainable development, eroding domestic revenues and hampering government efforts to mobilize resources.

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Adedeji underscored the administration’s resolve to combat these illicit flows, calling for a comprehensive approach to address various forms of financial impropriety, including tax evasion, trade mispricing, and corruption.

The ICPC Chairman, Prof. Bolaji Owasanoye, also highlighted the adverse effects of illicit financial flows on Nigeria’s revenue accrual and foreign exchange reserves.

He noted that these outflows contribute to exchange rate depreciation, inflation, and increased external debt servicing costs, which in turn impact the cost of imported goods and the daily livelihoods of citizens.

To curb illicit financial flows and enhance revenue generation, Prof. Owasanoye proposed diverse measures to address vulnerabilities in both the public and private sectors. He emphasized the need for collaboration and reforms to safeguard Nigeria’s domestic resources.

The sensitization workshop witnessed active participation from key private sector stakeholders, including the Chartered Institute of Bankers of Nigeria (CIBN), the Manufacturers Association of Nigeria, the Institute of Chartered Accountants of Nigeria (ICAN), and others.

The guidelines presented by the ICPC aim to empower private sector actors with a better understanding of illicit financial flows by providing guidance to promote ethical business practices and enhance financial transparency.

The event signals Nigeria’s commitment to fostering an environment conducive to responsible economic growth, bolstering revenue retention, and safeguarding against the adverse impacts of illicit financial flows.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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