A typical example is contained in a recent report by the Nigeria Extractive Industries Transparency Initiative and Trust Africa, which revealed that the country loses between $15 billion and $18 billion annually to illicit financial flows. Figures released by the National Bureau of Statistics show that only 14 million out of 69 million taxable Nigerians currently pay tax. The CBN also faces the challenge of defending the Naira to avert the situation currently being experienced in Venezuela and Zimbabwe. Although a global phenomenon, developing countries remain the biggest victims of the economic destabilising effects of IFFs. A Global Financial Integrity report says, conservatively, an estimated $1.1 trillion left developing countries in IFFs in 2013 alone.

Source: Punch March 16, 2019 23:03 UTC