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What Nigerian govt is doing to curb illicit financial flows –Adeosun

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What Nigerian govt is doing to curb illicit financial flows –Adeosun

The Minister of Finance, Kemi Adeosun, has revealed measures the Nigerian Government is taking to stop Illicit Financial Flows out of Nigeria Nigeria.

The measures according to her include “tightening financial controls and surveillance, adoption of the National Tax Policy (NTP) with its commitment to regular revisions of tax laws, and the ongoing tax amnesty scheme, @VAIDSNG.”

The minister, who decried tax malpractices by Multi-National Corporations (MNCs) in Nigeria and other developing countries, said that the Federal Government was going to “use every available avenue” to improve its tax collection.

The minister stated this in a statement on her twitter handle, adding that some global organisations, including the WorldBank, have agreed on high-level collaborations with Nigeria and other African countries to stop IFF in Africa.

She said, “Measures we’ve taken so far include tightening financial controls and surveillance, adoption of the National Tax Policy with its commitment to regular revisions of tax laws, and the ongoing tax amnesty scheme, @VAIDSNG.

“We will use every available avenue to improve our tax collection. President @MBuhari is determined to ensure that Nigeria takes strong action towards reversing the negative impact on Nigeria. And we have moved beyond talk, to action.

“And, beyond what we’re doing as a government to prevent illicit financial flows, recipient nations must also take measures to discourage inflows into their countries by asking more questions. Nigeria cannot do it alone.

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“In my address at the Platform for Collaboration on Tax (PCT) Conference in New York last week, I called for the designation of tax malpractices by Multinational Corporations in Nigeria and other developing countries by the rightful name—’foreign corrupt practices’.

“The designation of these tax crimes as ‘foreign corrupt practices’ would support efforts by countries like Nigeria to sue these MNCs in their home countries. We must bring the exploitation to an end.

“It is disheartening to note that many of these MNCs operate a completely different standard in Africa, compared to what obtains globally. These defaulting MNCs often take advantage of slow legal/judicial processes to avoid doing what is right.”

 

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