By Edwin Ifeanyi Nwabugu
LAGOS JULY 29TH (NEWSRANGERS)-The Controller General of Customs CGC Wale Adeniyi has stated that the Nigeria Customs Service will go all out to fight illicit financial flows (IFF).
The Controller General made this remarks during the opening session of the national conference on combating illicit financial flows in Abuja on Friday.
He reminded the audience that Custom mandates include daily operations and tight monitoring of cross border movements of cash and negotiable instruments and enforcing mandatory declaration above threshold values.
“In the last six months, Custom has tightened loose ends at all our borders to ensure that declaration of protocols are diligently implemented ”
Explaining further the complexities inherent in financial flows, Adeniyi added that the forthcoming Financial Action Task Force (FATF) assessment requires a whole of societal approach involving Customs, tax authorities EFCC and other agencies working together .
Earlier in his remarks, Minister of state for finance, Don Anite reminded the audience that Nigeria has previously relied heavily on the volatile oil sector to fund and execute government policies and this has been going on for years stating that the new approach is to diversify our revenue base, shifting focus to non oil sectors in stimulating the economy.
Particularly, he maintained that the task system will be strengthened to create a more inclusive and accountable framework capable of funding national development, reducing debt dependency and ensuring that all sectors are given opportunity to contribute to the national growth.
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