Nigeria loses $18bn yearly from illicit financial flows

Omeiza Bilal

ActionAid Nigeria says the country loses an estimated $18 billion annually from illicit financial flows.

The Country Director, Andrew Mamedu at the Civil Society National Dialogue on Transforming the Financing for Development in Abuja said the consequences are not abstract but they are measured in lives.

He further explained that as at today, over 129 million Nigerians live below the poverty line adding that youth unemployment is at record highs and inflation continues to erode household incomes.

He said, “That is why today’s conversation matters. As part of the broader mobilisations toward the Fourth International Conference on Financing for Development (FFD4) in Seville, this national dialogue is an opportunity for civil society to develop a unified voice, grounded in justice and solidarity, to call for urgent reforms both at home and globally.

“At ActionAid, we are clear in our demands Cancel the Debt. Unsustainable and illegitimate debts must be cancelled. Rich countries must honour their climate debt obligations.”

Also, the Executive Director of the Civil Society Legislative Advocacy Centre (CISLAC), Comrade Auwal Ibrahim who was represented by the Program Manager, Ayo Omowu said across sector health, education, agriculture, water, and security we continue to see severe financing gaps that hinder our development ambitions.

“Our financing challenges are deeply rooted in systemic issues. Corruption, inadequate budgetary allocation and implementation, non-transparent procurement processes, and outdated or unavailable data continue to undermine our planning and policy execution,” he said.

Also, the Lead Director, Centre for Social Justice (CSJ), Eze Onyekpere, in paper presentation titled: “Trend Analysis of Nigeria’s debt stock, 2020 to 2025”, called for transparency and accountability in the implementation of the country’s budget.

He made case for Nigeria’s first domestic and economy policy to advance the made in Nigeria agenda, adding that accountability is key in the development of the country.