Friday, October 23, 2020

Nigeria Loses $18 Billion Yearly to Illicit Financial Flows

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The Nigeria Extractive Industries Transparency Initiative (NEITI) has said $18 billion of revenue expected to address the nation’s under-development is diverted yearly in illicit financial flows (IFFs). Presenting a report on “Averting Illicit Financial Flows in Nigeria’s Extractive Industry” yesterday in Abuja, NEITI Executive Secretary, Waziri Adio, noted that over 30 per cent of the funds is being affected by the situation.

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