He gave the assurance, yesterday, at a one-day hybrid sensitisation workshop on “Guidelines for Private Sector Response to Illicit Financial Flow (IFF) Vulnerabilities in Nigeria” organised by the Independent Corrupt Practices and other related Offences Commission (ICPC) in Abuja.
Adedeji said the President believes in fiscal discipline and would ensure judicious utilisation of the country’s revenue and resources.
He pledged that the government would strengthen the fight against illicit financial flows (IFFs).
The presidential aide admitted that IFFs had significantly eroded domestic revenues and hampered government’s efforts to mobilise resources, thereby threatening economic stability and sustainable development.
Adedeji advised the private sector to key into the government’s efforts at tackling IFFs.
In his welcome remarks, ICPC boss, Prof. Bolaji Owasanoye, noted that IFFs were a drain on the nation’s potential revenue accretion and foreign exchange reserves.
This, according to him, has resulted in exchange rate depreciation, inflation and increase in cost of servicing external debts, in addition to negatively impacting on cost of imported goods like petrol, with its attendant radical consequences on daily livelihood experiences of ordinary citizens.
To wriggle out of the situation, the ICPC boss canvassed diverse measures to improve the country’s quest for domestic revenue increase relative to size of its economy amid the volatile global economic and financial system.
Programme Director (Africa) of Centre for International Private Enterprise (CIPE), Mrs. Lola Adekanye, in her presentation presentation, reviewed the guidelines, while Chief Compliance Officer/Company Secretary of Oando Plc, Mrs. Ayotola Jagun, outlined the private sector’s response to the rules.
