Nigeria Expands Tax Cooperation to Combat Illicit Flows

On a recent occasion in Abuja, Finance Minister Wale Edun announced that Nigeria has expanded its international tax cooperation to recover revenues lost due to illicit financial flows. During his keynote address at the opening ceremony of the Special Technical Committee on Tax and Illicit Financial Flows, Edun highlighted the deployment of information exchange mechanisms to identify and recover these lost revenues.

He recalled that in May 2023, under President Bola Tinubu's leadership, Nigeria began implementing comprehensive tax reforms aimed at simplifying the tax system, broadening the tax base, and reducing the burden on vulnerable populations. These reforms are set to take effect in January 2026.

Edun also mentioned the signing of Executive Order 9 by the President, which mandates that oil and gas revenue be remitted to the constitutionally designated account prior to disbursement. The reforms aim to strengthen transparency and accountability in managing natural resource revenues, improve fiscal transparency, and enhance investor confidence.