The Federal Inland Revenue Service has launched a new offensive against illicit financial flows draining Nigeria’s economy. As part of its expanded strategy, FIRS is convening a national conference aimed at building stronger institutional capacity and inter-agency collaboration.
The initiative seeks to curb massive revenue losses caused by capital flight, tax avoidance, and other aggressive financial tactics. Nigeria, like many African countries, loses billions yearly due to illicit commercial transactions masked as legitimate trade. A recent estimate pegs the annual outflow at $88.6 billion, with Nigeria contributing a significant share.
FIRS believes that stopping these practices requires more than just audits and enforcement. According to its leadership, a coordinated national response backed by training and shared intelligence is critical. The upcoming conference is expected to bring together key stakeholders from government, private industry, and the global financial system.
FIRS says the goal is simple: empower institutions to understand and respond to sophisticated tax evasion techniques used by multinational firms. These companies often exploit legal gaps, shifting profits to jurisdictions with little or no tax obligations. While technically legal, such practices deny countries like Nigeria the revenue they urgently need.
The agency insists that this issue is not just a financial problem—it is a matter of national development. Every dollar lost through illicit outflows weakens infrastructure, education, and healthcare funding. As such, the conference will also focus on ethical finance, transparency, and public accountability.
FIRS is expected to unveil new tools and policies designed to improve financial data tracking and cross-border cooperation. These measures include information exchange agreements, advanced analytics, and real-time monitoring systems. All are intended to close the loopholes currently exploited by global financial actors.
Nigeria’s efforts reflect a broader African push to tackle illicit financial flows across the continent. International bodies such as the African Union and the United Nations have endorsed stronger national mechanisms. The upcoming FIRS conference will align with these global commitments while tailoring them to local realities.
The FIRS chairman, speaking ahead of the event, stressed that no single agency can win this battle alone. He emphasized the need for partnerships involving customs, financial intelligence units, judiciary bodies, and anti-corruption commissions. According to him, a united front increases the chances of success.
Industry experts agree that stopping IFFs will require both political will and technical expertise. They say countries must strengthen legal frameworks, improve tax literacy, and demand compliance from international firms operating within their borders. Many also advocate for greater corporate responsibility and fair taxation globally.
As part of its plan, FIRS will also engage the public by promoting awareness around the true costs of capital flight. Citizens, the agency says, must understand how illicit flows directly affect their communities and future.
The conference promises to set a new tone in Nigeria’s fiscal reform journey. By uniting experts, regulators, and advocates, FIRS hopes to create a sustainable model for financial justice. Ultimately, the goal is not just to stop losses—but to build a fairer, stronger economy for every Nigerian.
