IFFs draining FX reserves, Nigeria’s revenue – ICPC

The Independent Corrupt Practices and other related Offences Commission (ICPC) says Illicit Financial Flows (IFFs) are draining the country’s foreign reserves and revenue, adding that it is the main reason Nigeria’s economy is in distress.

The commission explained that the business sector contributes 70 per cent of the IFFs route while other sectors are responsible for the 30 per cent.

Chairman of the commission, Bolaji Owasanoye, stated this at the ICPC’s headquarters, Abuja, on Thursday at a one-day hybrid sensitisation workshop on the published “Guidelines for Private Sector Response to Illicit Financial Flow (IFF) Vulnerabilities in Nigeria”.

He said IFFs have a detrimental effect on the economy of the nation because they cause currency rates to depreciate, which fuels inflation and raises the cost of repaying foreign debts.

Owasanoye, however, said to stop the impact of IFFs on the Nigerian economy, there was the need for the private sector to participate actively in curbing the menace.