NRS, AU host 5th session on illicit financial flows

Nigeria Revenue Service (NRS) and the African Union (AU) Commission are set to host the fifth session of the sub-committee on tax and illicit financial flows (IFFs) as African countries intensify efforts to boost domestic revenue and curb capital leakages.

The session, which will hold from Monday, March 31 to Thursday, April 2, is part of the activities of the African Union’s Specialised Technical Committee on Finance, Monetary Affairs, Economic Planning and Integration (STC-FMAEPI). It will focus on how tax reforms and fiscal policies can support economic growth across the continent.

In a statement issued by the Technical Assistant (Print media) to Dr Zacch Adedeji, the NRS chairman, Sikiru Akinola, the organisers said the meeting would bring together policymakers, tax administrators, development partners, and experts from across Africa to strengthen coordinated strategies for improving tax systems and tackling illicit financial flows.

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The statement noted that the meeting was coming at a critical time for many African countries. According to it, “it is coming at a time when African countries are intensifying efforts to mobilise domestic resources, reduce reliance on external financing and address illicit financial flows, which continue to undermine economic growth and development across the continent.”

It added that discussions during the session would focus on domestic resource mobilisation, strengthening tax administration and compliance frameworks, tackling base erosion and profit shifting, and advancing Africa’s coordinated position in global tax negotiations. The meeting is also expected to explore how digitalisation and modern tax systems can improve revenue generation across African countries.

The Executive Chairman of the NRS, Dr Adedeji, is expected to deliver the welcome address, while the Minister of Finance and Coordinating Minister of the Economy will formally declare the session open.

The statement further said Nigeria, as host country, would provide strategic leadership to ensure the success of the session and contribute to continental efforts aimed at strengthening tax reforms and curbing illicit financial flows.

It added that the NRS would also host a side event titled “Mitigating Illicit Financial Flows by Policy and Action,” which will highlight initiatives such as the National Single Window project and asset recovery under the Proceeds of Crime Act (POCA), as part of efforts to deepen technical engagement and capacity building among participating countries.