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Again, Adeosun begs international community to halt illicit capital flows from Nigeria

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In what looks like a more passionate appeal to the international community, the Minister of Finance, Mrs. Kemi Adeosun has urged developed countries to stop providing safe havens for corrupt individuals and their illegal funds.

Speaking at the ongoing International Monetary Fund (IMF)/World Bank Group Spring meetings in Washington DC, United States, the minister said “To improve non-oil revenues, we have to address illicit capital flows. When stolen money is transferred from Nigeria, or other African countries, there are too few questions asked by those countries that receive the funds, but when we identify those funds as stolen and seek to recover them, there are too many questions being asked.

“There is money sitting in foreign bank accounts that we have spent a fortune over a decade trying to recover. Such money could deliver significant value for Nigeria as we seek to increase spending on critical infrastructure and establish a basis for long-term sustainable growth.

Assistant Director of Fiscal Affairs Department, IMF, Catherine Patillo, lauded the Federal government’s Economic Recovery and Growth Programme (ERGP), as it is focused on diversification and in addressing some of the deep-seated problems related to strengthening of structures.