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"Nigeria Loses $18b Annually to Illegal financial flows" NEITI



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The Nigeria Extractive Industries Transparency Initiative ( NEITI ) are lamenting on how much the country keeps losing annually in illicit financial flows.

According to the group, $18 billion of Nigeria's revenue is diverted yearly in IFFs.

Speaking on Wednesday in Abuja during an event organized by NEITI, Waziri Adio, the group's Executive Secretary, made it known that over 30% of funds meant to be used to settle Nigeria's underdevelopment issues is being affected by the situation.

Presenting a report on “ Averting Illicit Financial Flows in Nigeria ’ s Extractive Industry ”, he stated that illicit financial flows are illegal capital flight that occurs when money is illegally gotten or spent.

Adio explained that the money usually disappear from records in the nation in question as well as the earnings on the stock of IFFs.

He however revealed that Nigeria is still topping the ranks in the world, and that the flows on Africa stand at around $ 60 billion .

Adio also made known his interest in seeing Nigeria ending the illegal flow with a solution.

Additionally, the Acting Chairman of the Economic and Financial Crimes Commission ( EFCC ) , Mr Ibrahim Magu , said that things will continue to be the same unless the appropriate steps are taken and that the necessary agencies and stakeholders must collaborate to fight the menace .

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