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By Our Correspondent
The Federal government is reportedly Lossing over $17.72bn to illicit financial flow thereby accounting for the FG inability to provide essential infrastructure and services to the citizens of the country.
TMSnews gathered that the federal government recent estimates showed that Africa loses $88.6 billion annually to illicit financial flows, while Nigeria is accounting for approximately $17.72 billion or 20 per cent of the losses.
The outflow, it was learnt hinder the country’s ability to provide essential infrastructure and services to its citizens
The Minister of State for Finance, Dr. Doris Uzoka-Anite who made the disclosure at the United Nations (UN) Headquarters in New York, United States ahead of the Fourth International Conference on Financing for Development highlighted the significant impact of illicit financial flows and financial crime on sustainable development in Nigeria and across Africa.
Addressing key stakeholders on ‘Safeguarding Sustainable Development Finance by Addressing Illicit Financial Flows and Fighting Financial Crimes’, Uzoka-Anite said Nigeria is committed to addressing these challenges.
“These illicit financial flows are a major obstacle to our development, depriving our citizens of essential services and infrastructure. We must work together to ensure that our resources are utilised for the benefit of our citizens,” she said.
