Federal Inland Revenue Service (FIRS) has revealed that Nigeria loses billions of naira annually to tax evasion by multinational corporations. FIRS Executive Chairman, Zacch Adedeji, made this known at the national conference on illicit financial flows (IFFs) on Tuesday.
Gatekeepers News reports that according to Adedeji, IFFs through tax evasion, profit shifting, money laundering, and trade misinvoicing pose a significant drain on the economy, depriving the country of resources essential for inclusive development.
“The recent assent to four tax reform bills on June 26, 2025, signals this administration’s strong commitment to overhauling our tax system, modernising the legal framework, and institutionalising transparency in revenue collection,” Adedeji said.
However, he emphasised that legal reform is only a starting point and that enforcement, digital compliance, and public trust must be reinforced to deliver on its promise.
Adedeji also highlighted the FIRS’ efforts to combat IFFs, including the establishment of a Tax Intelligence and Automation Department and a Proceeds of Crime Management and Illicit Financial Flows Coordination Directorate.
The conference, themed “Combating Illicit Financial Flows: Strengthening Nigeria’s Domestic Resource Mobilisation,” aims to address the critical challenge of IFFs and find solutions to safeguard national resources and build a resilient, equitable future.
