President Muhammadu Buhari, on Wednesday revealed that Nigeria lost an estimated US$157.5 billion to illicit financial flows between 2003 and 2012.
Buhari who spoke in New York, quoting from the 2014 Global Financial Integrity Report noted that this resulted in dearth of resources to fund public services or to alleviate poverty in the country.
He reiterated his commitment to tackling the menace of corruption in Nigeria because it impedes the socio-economic development of the continent of Africa.
According to him, “This is why, as Africans, we have no choice but to break the back of corruption.
“That is why our government has made it a war we intend to win. We will give all it takes to ensure there is no hiding place for purveyors of corrupt practices who are truly enemies of the people.”
Describing Illicit Financial Flows as “illegal movement of funds from one country to another,” President Buhari lamented that, “These flows deplete Africa’s internally generated revenues, foreign exchange earnings, reduce tax revenues, drain natural resources, facilitate corruption and stunt private sector development.”
Emphasizing the imperative of international cooperation towards stemming the incidence of illegal financial flows, President Buhari said, “Any lasting solution to the above challenges will require international cooperation and coordination,” of African countries and their international counterparts.