The Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, has raised alarm over Nigeria’s massive annual loss of $18 billion to illicit financial flows, describing it as a major threat to the country’s economic stability.
Adedeji made this disclosure on Tuesday at a national conference on Illicit Financial Flows (IFFs) hosted by the FIRS in Abuja. He said the loss is largely driven by aggressive tax avoidance schemes orchestrated by multinational corporations and aided by outdated tax treaties.