Nigeria’s finance minister seeks global support to tackle Africa’s illicit financial flows

Date:

The Minister of Finance, Mrs. Kemi Adeosun, has called for greater collaboration to combat illicit financial flows from Africa in order to deliver sustainable economic growth in the region.

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Addressing the Global Parliamentary Conference which had in attendance parliamentarians from around the world at the ongoing IMF/World Bank Spring meetings in Washington DC, the minister also stressed the need for strong executive and legislative collaboration.

She reiterated that the federal government was focused on resetting the Nigerian economy by addressing its traditional over-reliance on oil revenues and establishing the basis for sustainable non-oil revenue growth.

“To improve non-oil revenues, we have to address illicit capital flows. When stolen money is transferred from Nigeria, or other African countries, there are too few questions asked by those countries that receive the funds, but when we identify those funds as stolen and seek to recover them, there are too many questions being asked.

“There is money sitting in foreign bank accounts that we have spent over a decade trying to recover. That is money that could deliver significant value for Nigeria as we seek to increase spending on critical infrastructure and establish a basis for long term sustainable growth.

“I hope that the Automatic Exchange of Information scheme coming into force next year will be a step towards achieving greater transparency, but we need more collaboration amongst parliamentarians in Africa, and across the world to ensure that this situation improves and that recipient countries are held to account,” Adeosun added.

Commenting on the domestic agenda to ensure significant reductions in ‘leakages’ of public funds, and improved efficiency in public expenditure, the minister said the federal government had been going after those who had stolen from government coffers.

She said: “We have put in place a very successful whistle blower programme that is delivering results, and allows those who report illicit activity to receive up to five per cent of any funds that we recover. We are also significantly improving our financial management controls to ensure that it is considerably more difficult for public funds to be diverted.

“We have to do more though and that means collaboration with the legislature. We need tighter tax and financial reporting legislation and to ratify bilateral agreements so that our enforcement agencies are empowered to deliver the results that we need.

“To create the basis for long term growth, we need to invest urgently in our infrastructure. Achieving energy sufficiency and achieving agriculture and food security are two of the execution priorities we have identified in the Economic Recovery and Growth Plan and we are looking forward to advancing our ongoing conversations with multilateral lenders on these priorities over the coming days as we look to accelerate implementation.”
[ThisDay]

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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