Adeosun: Nigeria is the biggest loser of Africa’s illicit financial flow

Kemi Adeosun, minister of finance, says Nigeria is the biggest loser of the annual $50 billion lost by Africa to illicit financial flows.

The minister said this while speaking at a tax conference organised by the Organisation for Economic Cooperation and Development at the UN Headquarters in New York.

Adeosun said the amount of money Africa loses to illicit financial flows is more than the aid coming in.

She also said destination countries do not question the source of such funds.

“And yet when we turn up and say this money was stolen, then they give you an entire questionnaire,” she said.

“We’ve been battling with the Swiss on Abacha. Abacha loot sat in the Swiss Bank account – 320 million dollars – for 22 years. We’ve been battling through the courts and we still have more recent cases.”

The minister said the Muhammadu Buhari-led administration met an empty treasury when it came on board, adding that the situation was compounded by the collapse of the oil price.

She said Nigeria also suffers from tax avoidance and evasion, saying Nigeria’s tax laws are poor and weak.

Adeosun said the federal government has constituted a committee to review, enter into international treaties and also embarked on updating of tax laws.

She said the government also constituted a committee to review and update the tax laws in the country to make them efficient.