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Illicit financial flows: Nigeria lost $157.5 billion in almost 10 years – Buhari 

President @MBuhari has revealed that Nigeria lost 157.5 billion dollars to illicit financial flows between 2003 and 2012.

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Illicit financial flows: Nigeria lost $157.5 billion in almost 10 years - Buhari

President Muhammed Buhari has revealed that Nigeria lost 157.5 billion dollars to illicit financial flows between 2003 and 2012. 

He made this declaration during a side event organised by the African Union Development Agency and New Partnership for Africa’s Development at the 74th United Nations General Assembly. 

[READ MORE: P&ID: President Buhari issues strong warning to international firms]

The Details: Buhari, who quoted a 2014 Global Financial Integrity Report, said the money could have been used to fund public services or to alleviate poverty in the country. 

 This is why, as Africans, we have no choice but to break the back of corruption,” he said. 

Illicit financial flows: Nigeria lost $157.5 billion between 2003 and 2012 - Buhari 

President Buhari stressed the need to improve the recovery of assets. He also emphasised the need to fight corruption and ensure that the war is won at all costs. 

In the last five years, our government has made significant progress to curb corruption. We have recovered millions of dollars stolen from our country. 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. That is why our government has made it a war we intend to win,” he stated. 

The president explained that the illicit financial flows affected the economy, reduced tax revenues, drained natural resources, and stunted private sector development. 

He also made mention of other funds of the country that are stuck in bank accounts abroad due to international laws, different jurisdictions and justice systems that make it difficult for repatriation. 

[READ ALSO: President Buhari’s office to spend N46m to fuel generators this year]

He highlighted the issue of tax avoidance as another form of illicit flow. This is a case of some multinational enterprises refusing to pay taxes in developing countries where they make profit. This, according to the Tax Justice and the International Monetary Fund Network is how developing nations lose $200 billion every year. Ironically, the amount is higher than the $143 billion dollars developing nations receive in annual development aids. 

 What you should know: Illicit financial flow is “illegal movement of funds from one country to another.” 

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Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

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Coronavirus

Update: Health Minister states side effects of COVID-19 vaccines

Dr. Osagie Ehanire has disclosed the side effect of the COVID-19 vaccines.

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Nigeria to vaccinate 20 million people against Covid-19. Chinese Engineering firm donates medical supplies to Nigeria

Minister of Health, Dr. Osagie Ehanire has stated the side effects of the COVID-19 vaccines, which he said is mild.

The minister disclosed this during the live broadcast when President Muhammadu Buhari took his vaccine shot on Saturday.

According to the Minister, the reactions are usually mild and only few people had complained of mild pain in the part of the body they got the shot.

He said, “It is not everybody that complained of reactions/side effects but few had complained of mild pain at the part of the body they got the shot.

”Usually manufacturing vaccines take not less than 4 years but this only took about 1 year, which is the reason some people are apprehensive about the vaccines. This was manufactured in the United Kingdom and has been certified.”

Ehanire, explained that the jab is painless as a narrow gauge syringe was used with a small quantity injected in the upper arm.

He added that the after-effects are mild but accompanied by little discomfort in the area that was injected.

Present at the brief ceremony were the Secretary to the Government of the Federation (SGF) Mr Boss Mustapha; Minister of Information and Culture, Alhaji Lai Mohammed; the Chief of Staff to the President, Professor Ibrahim Gambari and other members of the Presidential Task Force (PTF) on COVID-19, senior government officials and journalists.

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Coronavirus

Update: President Buhari, VP Osinbajo get COVID-19 vaccine shots

President Buhari and VP Osinbajo have been vaccinated against COVID-19 on Saturday at the State House, Abuja.

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President Muhammadu Buhari and Vice President Yemi Osinbajo have been vaccinated against COVID-19 on Saturday at the State House, Abuja.

President Buhari and VP, who received his COVID-19 vaccine shot on Live TV broadcast, urged Nigerians to emulate him and do the same to curb the pandemic in the most populous black nation.

 

Both were administered their jabs, on Saturday morning, at the Banquet Hall of the presidential villa, Abuja at a ceremony broadcast live on national television.

Their inoculation followed their e-registration and filling out of their vaccination cards by the Executive Director of the National Primary Health Care Development Agency (NPHCDA), Faisal Shuaib.

Vaccination of Buhari was done by Chief Personal Physician to the President, Dr Suhayb Rafindadi.

Osinbajo was also vaccinated by his personal physician, Dr Nicholas Audifferen.

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