President Muhammadu Buhari has described as regrettable the continued loss of public funds through illicit financial flows, saying it remained an ...
President Muhammadu Buhari has described as regrettable the continued loss of public funds through illicit financial flows, saying it remained an impediment to development and effort by developing countries to scale up resource mobilisation.
The President said that multilateral efforts at resolving the problems of illicit financial flows should be comprehensive and holistic with the active engagement of the origin and recipient countries. He stressed: “As a result, we call on our development partners to live up to their commitment to achieve the target of 0.7 per cent of ODA/Gross National Income and 0.15 to 0.20 per cent of ODA/GNI to least developed countries.”
He declared that four years after member states committed to the adoption of the Addis Ababa Action Agenda and the Sustainable Development Goals , “the question on how to finance such an ambitious agenda remains.” “The Single Treasury Account , Integrated Personnel Payroll Information System , Executive Orders on the Voluntary Assets and Income Declaration Scheme and Ease of Doing Business have all been introduced. The objective is to ensure efficiency in resource mobilisation and avoid over-reliance on revenue from crude oil.”
The President noted that Nigeria “is actively involved in the work of the United Nations Committee of Experts on International Cooperation in Tax Matters,” pointing out that “We, therefore, support the call for the upgrading of this committee to an intergovernmental body that will represent the interest of all members and mainstream its work into the broader development effort of the United Nations.
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