AWC Economy Desk
The Federal Government has restated its determination to combat Illicit Financial Flows (IFFs), warning that unchecked capital flight poses a serious threat to national development, fiscal stability and Nigeria’s overall economic security.
The Minister of State for Finance, Dr Doris Anite-Uzoka, made the declaration while opening a United Nations Economic Commission for Africa (UNECA) Workshop on Illicit Financial Flow Estimation, convened to strengthen Nigeria’s capacity to identify, measure and curb illegal financial activities.
Speaking at the workshop, Dr Anite-Uzoka described IFFs as a major drain on public revenue, undermining government efforts to fund infrastructure, social services and inclusive economic growth. She stressed that addressing the problem requires stronger institutions, improved transparency and closer collaboration among revenue, financial and trade-related agencies.
The capacity-building programme is designed to equip participants with advanced analytical tools, including PMC+, PFM+ and risk-based audit frameworks, to tackle challenges such as trade mis-invoicing, revenue leakages and cross-border financial manipulation.
According to the minister, improved fiscal governance and data-driven enforcement are critical to closing loopholes in Nigeria’s financial and trade systems, enhancing compliance and restoring confidence in public finance management.
Experts at the workshop noted that strengthening Nigeria’s ability to estimate and track illicit financial flows is a key step toward protecting the economy, boosting domestic revenue mobilisation and ensuring accountability across the public and private sectors.
