The Wale Edun, Honourable Minister of Finance and Coordinating Minister of the Economy, has urged urgent measures to curb illicit financial flows. Which he warned continue to erode public revenue and heighten reliance on debt.
Edun made the remarks while opening the 5th Special Technical Committee Sub-Committee. On Tax and Illicit Financial Flows, emphasizing the need for stronger revenue mobilisation.
Ongoing Reforms to Boost the Economy
However, The Minister highlighted President Bola Tinubu’s ongoing reforms aimed at strengthening tax administration. Expanding Nigeria’s revenue base, and stabilizing the economy.
He noted that curbing revenue leakages is essential to fund critical infrastructure projects, enhance public services, and support long-term economic growth.
Domestic Resource Mobilisation as a Priority
Although, Improving domestic resource mobilisation remains a top priority. By retaining capital within the country and reducing illicit outflows. Nigeria can create a more transparent, investor-friendly environment that supports private sector development and job creation.
Focus on Sustainable Growth
Also, The Minister stressed that the government’s focus is clear: strengthen financial systems, secure public funds, and unlock sustainable economic growth.
Tackling illicit financial flows is seen as a cornerstone of Nigeria’s broader economic strategy. Ensuring that resources are available for development while improving fiscal stability.
This push aligns with Nigeria’s long-term vision of a more resilient and self-sufficient economy. Driven by sound revenue policies and stronger governance.
