By Fatima Zahra
ASHENEWS reports that some civil society organizations on Wednesday inaugurated a network for legislators aimed at forestalling illicit financial flows (IFFs) from Nigeria.
The initiative tagged the African Parliamentary Network on Illicit Financial Flows and Taxation (APNIFFT), is facilitated through a joint effort by two CSOs: Civil Society Legislative Advocacy Centre (CISLAC) and the Tax Justice Network Africa (TJNA).
Speaking during the inauguration of the APNIFFT Nigerian national caucus held in Abuja, the Director General of CISLAC, Auwal Rafsanjani said that Nigeria required serious intervention from legislators to address the challenges posed by illicit financial flows.
According to him, IFFs pose a threat to Nigeria’s growth and in the long run, its economic stability.
“Africa has been on the receiving end of the effects for a long time, like many countries of the continent, Nigeria with its large market and population is faced with its large share of this act of corruption.
“It is estimated that about 90 billion dollars is lost annually to illicit financial flows in Africa, enabled by trade mis-invoicing, tax evasion among others, and Nigeria alone reportedly accounts for 20 percent of this figure,” he said.
Rafsanjani maintained that minimizing the illicit financial outflow from Nigeria can be achieved with a will from political leaders.
“Political leaders can play their roles if they are willing to block the leakages and expose corruption.
“They can also legislate and ensure the implementation of existing laws that will help prevent money laundering and the likes which is a huge consequence of illicit financial outflows from Nigeria.”
On the role of CSOs, Rafsanjani said that CSOs must begin to raise awareness for legal frameworks that will address illicit financial flows.
“We can also do a lot in terms of providing capacity and exposure for legislators to carry out their work as required by the constitution.”
Similarly, the Chairperson of the African Parliamentary Network in Illicit Financial Flows and Taxation (APNIFFT), Dr. Khanyisile Tshabalala decried the effect of IFFs on Africa’s economic development.
The APNIFFT chairperson noted that the initiative which targets the domestication of an APNIFFT caucus in every country in Africa identifies corruption as the greatest enabler of IFFs.
She therefore stressed the need for more concerted efforts by governments to tackle corruption.
On his part, the Speaker of the Bauchi state House of Assembly and former chairman of the Conference of Speakers of Nigeria, Abubakar Suleiman lauded the initiative by the CSOs.
“Illicit financial flow is a disease that must be eradicated. Corruption as you know is the bane of our underdevelopment despite having all it takes to develop,” he decried.
This online platform further reports that the network constitutes members of parliament from the National and State Houses of Assembly.
