President Muhammadu Buhari says
the Federal Government was committed to winning the war against corruption in
Nigeria.
Buhari said this in New York at
the African Union High-Level Dialogue with the theme: “Winning the Fight
against Corruption: A Sustainable Path to Africa’s Transformation.’’
Buhari commended African leaders
for the honour bestowed on him to champion the course of fighting corruption in
Africa in 2018 and beyond.
The president, however, urged
African leaders to also remain committed to the fight against corruption to
ensure rapid development of the continent.
According to Buhari, Africa loses
about 50 billion dollars to illicit financial flow annually.
“Illicit financial flow out of
the continent has become a major concern because of the scale of its negative
effects on economic development and governance agenda.
“Some of the effects of
corruption include draining of foreign exchange reserves, reduction of tax
revenue collection, poor investment inflow and escalation of poverty,” he said.
He said that efforts were being
made by African leaders to checkmate the illicit financial flow from the
continent
Buhari said that one of the
measures necessary if Africa was to make headway in the fight against
corruption, was to evolve laws and policies which encourage transparent
financial transactions.
He said that another measure was
to ensure implementation of measures that would mitigate the incentive that
facilitate the illegal outflow of funds from the continent.
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