FIRS calls for urgent need to combat illicit financial flows

Abdullateef Fowewe

The Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji, delivered a compelling welcome address at the National Conference on Illicit Financial Flows held in Abuja on Tuesday.

Adedeji underscored the critical importance of strengthening Nigeria’s domestic resource mobilisation to protect the nation’s wealth from illegal financial activities.

In a statement shared on Tuesday by the FIRS, Adedeji noted that the Illicit Financial Flows through tax evasion, profit shifting and money laundering are draining national resources and threatening fiscal stability.

He further noted the recent tax reforms as a pivotal advancement, stating, “The recent signing of four tax reform bills marks a critical step toward transparency, system overhaul, and stronger institutions.”

The FIRS chief detailed the agency’s comprehensive approach to tackling these challenges, which includes promoting voluntary compliance, embracing digital intelligence, and enhancing enforcement under the Proceeds of Crime Act.

He emphasised the necessity for “unified, data-driven, and globally coordinated action to close fiscal gaps and protect Nigeria’s economic future.”