Mr. Zacch Adedeji, the Special Adviser to President Bola Tinubu on Revenue, affirmed the administration’s unwavering commitment to the prudent utilisation of the nation’s revenue and resources. Adedeji made this assertion during a hybrid sensitisation workshop in Abuja organised by the Independent Corrupt Practices and Other Related Offences Commission (ICPC). The workshop aimed to raise awareness about the “Guidelines for Private Sector Response to Illicit Financial Flow (IFF) Vulnerabilities in Nigeria.”
Speaking at the event, Adedeji underlined the importance of accurate revenue prediction as a foundation for fiscal discipline. He emphasised that effective allocation and management of resources hinge on a clear understanding of available funds.
“Our objective is to ensure that every single unit of our revenue is accounted for and effectively employed. President Bola Ahmed Tinubu’s administration is steadfast in making every kobo count,” Adedeji declared.
He further reiterated the government’s determination to combat illicit financial flows (IFFs), which have detrimentally impacted domestic revenues, hindered resource mobilisation efforts, and posed a threat to economic stability and sustainable development.
Adedeji explained, “We are confronting various forms of IFFs, such as tax evasion, harmful tax practices, illegal forex exports, abusive transfer pricing, trade mispricing, and exploitation of natural resources, among others.”
Addressing the workshop’s attendees, Adedeji encouraged private sector stakeholders to align with the government’s anti-IFF efforts. He highlighted the significance of the published guidelines in enhancing the private sector’s role in curbing IFFs.
“The release of these guidelines marks a significant step towards curbing IFFs in the private sector. Nigeria is poised to lead the way in Africa by implementing these measures, which are designed to further reinforce our fight against IFFs,” Adedeji stated.
In his welcome address, Prof. Bolaji Owasanoye, the Chairman of ICPC, emphasised the detrimental impact of IFFs on Nigeria’s potential revenue and foreign exchange reserves. He highlighted the resulting effects, including exchange rate depreciation, inflation, and increased external debt servicing costs.
Owasanoye called for comprehensive measures to address IFFs, enhance domestic revenue, and bolster the economy. He assured attendees that ICPC remains focused on practical approaches to reduce IFFs and boost domestic resource mobilisation.
The workshop engaged representatives from various sectors, including the Manufacturers Association of Nigeria, Association of Professional Bodies of Nigeria, Institute of Chartered Accountants of Nigeria, Chartered Institute of Taxation of Nigeria, and Chartered Institute of Bankers of Nigeria. The event also facilitated discussions with members of the Inter-Agency Committee on Stopping IFFs from Nigeria, underscoring a collaborative approach to address this pressing issue.
Additionally, Mrs. Lola Adekanye, Programme Director (Africa) of the Centre for International Private Enterprise (CIPE), provided an overview of the published guidelines, while Mrs. Ayotola Jagun, Chief Compliance Officer and Company Secretary of Oando Plc, outlined the private sector’s response to these guidelines.
As Nigeria strives to curtail IFFs and foster responsible financial practices, the collaborative efforts of the government, private sector, and regulatory bodies are poised to pave the way for improved revenue management and sustainable economic growth.
