• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Wednesday, May 28, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home News

Nigeria loses $157b to illicit financial flow

The Matters Press by The Matters Press
September 26, 2019
Reading Time: 2 mins read
0
Nigeria suffered mind-boggling mismanagement – Buhari

President Buhari

President Buhari

President Muhammadu Buhari has disclosed that Nigeria lost an estimated $157.5 billion to illicit financial flows between 2003 and 2012.

RELATED POSTS

Increasing oil rigs, a big score for Nigeria’s petroleum sector reforms

Pope’s invitation to Tinubu reflects Nigeria’s relevance in global affairs -TMSG

Tinubu espouses Nigeria’s unity, diversity at Pope Leo’s inauguration

Buhari quoting the 2014 Global Financial Integrity Report in his address to the High-Level National Side-Event organised by the African Union Development Agency and New Partnership for Africa’s Development (AUDA-NEPAD) and the Economic and Financial Crimes Commission (EFCC) on Wednesday in New York.

It was on the margins of the 74th United Nations General Assembly, under the theme, “Promotion of International Cooperation to Combat Illicit Financial Flows and Strengthen Good Practices on Assets Recovery and Return to Foster Sustainable Development.”

He noted that such massive loss of assets, resulted in dearth of resources “to fund public services or to alleviate poverty,” in the country.

According to him, “This is why, as Africans, we have no choice but to break the back of corruption.”

Acknowledging lack of sufficient capital and corruption as impediments to socio-economic development of the continent, the President emphatically restated his administration’s anti-corruption campaign:

“That is why our government has made it a war we intend to win. We will give all it takes to ensure there is no hiding place for purveyors of corrupt practices who are truly enemies of the people.”

Stressing the need to strengthen good practices on asset recovery and return, President Buhari said that, “In the last five years, our government has made significant progress to curb corruption,” adding: “We have recovered millions of dollars stolen from our country.”

He noted, however, that “there are still a lot of other funds that are stuck in foreign bank accounts due to international laws, different jurisdictions and justice systems that make it difficult for repatriation.”

Describing Illicit Financial Flows as “illegal movement of funds from one country to another,” President Buhari lamented that, “These flows deplete Africa’s internally generated revenues, foreign exchange earnings, reduce tax revenues, drain natural resources, facilitate corruption and stunt private sector development.”

Citing tax avoidance as another form of illicit financial flow, he quoted the Tax Justice Network and the International Monetary Fund to have estimated over US$200 billion per year as “being lost by developing countries when multinational enterprises do not pay taxes in the countries where they made the profit.”

“This amount is significantly higher than the annual development aid received by these countries which are estimated to be about US$143 billion,” he added.

Commending the organisers of the meeting designed to finding “pragmatic ways to promote international cooperation to combat illicit financial flows and strengthen good practices on asset recovery and return, as an arm of sustainable development policies in Africa,” President Buhari also lauded their “shared commitment to root out corruption from our continent.”

According to the Nigerian President, “I am motivated by the belief that, if we join hands, we can bequeath to our children an Africa that is not defined by corruption.”

Emphasizing the imperative of international cooperation towards stemming the incidence of illegal financial flows, President Buhari said, “Any lasting solution to the above challenges will require international cooperation and coordination,” of African countries and their international counterparts.

“This is one reason why the Nigerian Government supports this initiative of AUDA/NEPAD and remains committed until we ensure that there are no safe-havens for stolen assets from Africa,” he declared.

Tags: Illicit flowLoses
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Chevron, NNPC secure $1.4bn for drilling project
Economy/Technology

Increasing oil rigs, a big score for Nigeria’s petroleum sector reforms

May 26, 2025
Group hails Presidential Council initiative, welcomes President Tinubu’s N2tn stabilisation package
Economy/Technology

Pope’s invitation to Tinubu reflects Nigeria’s relevance in global affairs -TMSG

May 24, 2025
Tinubu steering Nigeria away from Venezuela-like tragedy – IMPI
Economy/Technology

Tinubu espouses Nigeria’s unity, diversity at Pope Leo’s inauguration

May 22, 2025
Eulogising Africa’s efforts in midwifing a Covid-19 vaccine
Economy/Technology

Nigeria’s ongoing health reform gets global endorsement with Pate’s honour by Time Magazine

May 21, 2025
Court visits Patience Jonathan’s money palaver
Economy/Technology

Patience Jonathan’s endorsement of Tinubu’s re-election, significant, inspiring

May 20, 2025
Nigeria suspends mining in Zamfara
Economy/Technology

Revival of mining sector causes increase in licensing fees in Nigeria

May 19, 2025
Next Post
Rice farmers from poverty to wealth

Closure of borders excite rice farmers

Deaf Eagles leave for Sierra Leone

Deaf Eagles leave for Sierra Leone

Recommended Stories

Army re-jigs senior officers

Elections: Army remains neutral

February 10, 2019
Coronavirus hits hard as China records 811 deaths

COVID-19 kills high profile Nigerian

March 23, 2020
UNECA urges media to pressure govts on policies

ECA commits to Africa’s progress

July 24, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Increasing oil rigs, a big score for Nigeria’s petroleum sector reforms
  • Pope’s invitation to Tinubu reflects Nigeria’s relevance in global affairs -TMSG
  • Tinubu espouses Nigeria’s unity, diversity at Pope Leo’s inauguration

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us