The Federal Government has revealed that Nigeria loses approximately $18 billion each year to tax evasion and illicit financial outflows, primarily through profit-shifting and tax avoidance by multinational companies operating in the country.
Minister of State for Finance, Dr. Doris Uzoka-Anite, disclosed this on Tuesday at the National Conference on Illicit Financial Flows hosted by the Federal Inland Revenue Service (FIRS).
Describing illicit financial flows as a “hidden pipe draining national wealth,” the minister stressed that such activities not only hinder revenue generation but also weaken the government’s ability to deliver critical infrastructure and services.
“These flows are not just technical issues, they are political, developmental, and national security concerns,” Uzoka-Anite said. “They strip Nigeria of the resources it needs to provide essential public services.”
She highlighted that, under President Bola Tinubu’s Renewed Hope Agenda, reforms are being implemented to build a resilient, self-reliant economy that prioritizes revenue generation over debt dependence.
“For years, Nigeria relied heavily on oil revenue, a volatile and unsustainable source,” she said. “The new reforms aim to shift focus from oil to diversified, non-oil revenue streams.
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