The Institute of Fiscal Management (IFM) has renewed its commitment to combating illicit financial flows (IFFs) as part of efforts to strengthen fiscal transparency, improve domestic revenue mobilization, and plug leakages in Nigeria’s financial system.
Speaking at a stakeholder engagement session in Abuja on Monday, the Director-General of the Institute, Dr. Amina Yusuf, said the IFM was intensifying its collaboration with key regulatory and financial agencies to trace, monitor, and curb the movement of illegal funds within and outside the country.
Dr. Yusuf described illicit financial flows as a major impediment to national development, noting that trillions of naira are lost annually through money laundering, tax evasion, transfer mispricing, and other financial crimes.
Our renewed focus is to strengthen institutional capacity for detecting and preventing illicit financial transactions. We are working with the Central Bank of Nigeria (CBN), the Economic and Financial Crimes Commission (EFCC), and other stakeholders to ensure that every kobo due to the government is accounted for.”
She added that the IFM’s initiative will employ advanced financial intelligence tools and inter-agency data sharing to enhance the country’s ability to track cross-border financial movements.
According to her, the new approach is part of a broader strategy to align Nigeria’s fiscal management framework with global anti-corruption and transparency standards, in line with the recommendations of the African Union and the United Nations.
Experts at the forum lauded the initiative, noting that illicit financial flows remain one of the biggest drains on developing economies. They called for stronger legislative backing, improved data systems, and effective sanctions to deter offenders.
Also speaking, a representative of the Federal Ministry of Finance, Mr. Bamidele Osho, said the government supports IFM’s renewed drive, emphasizing that curbing financial leakages would create fiscal space for investment in infrastructure, health, and education.
By blocking illicit flows and ensuring that resources stay within the economy, we can accelerate growth, improve public service delivery, and enhance citizens’ trust in governance,” Osho noted.
The IFM said it would soon unveil a national framework for monitoring illicit financial flows, which will include an integrated database for financial intelligence, periodic audits, and public reporting mechanisms.
The renewed effort underscores Nigeria’s growing resolve to enhance fiscal discipline, promote transparency, and ensure that public resources are efficiently managed for sustainable national development.
