Nigeria has to face an annual loss of $ 18 billion in illegal financial flows, the debt drains 70% of the revenue

A coalition of civil society organizations has played the alarm for the deepening of the tax crisis of Nigeria, revealing that the country loses over $ 18 billion a year to illicit financial flows while it is currently over 70 % of its revenue.

The dissemination was carried out in a political document entitled “Funding for development in Nigeria: sectoral context and insights for the fourth international conference”, published in Abuja in view of the fourth United Nations International Conference on the financing for development (FFD4), scheduled for the estate in Seville, in Spain on 30 June 2025.

The report was coordinated by the Legislative Center for the defense of civil society (Cislac) in partnership with Oxfam in Nigeria, Christian aid, partnership on the international budget, connected development and others pursuant to the African agenda on financing for development.

The executive director of Cislac, Auwal Musa Rafsanjani, who presented the results during a press briefing, denounced the government’s inability to connect the losses and increase internal revenues.

He said that the poor mobilization of internal resources, the inhaqri global financial systems and the vulnerability of Nigeria to climate change have expanded the country’s financing gap.

“The expenditure for education drops below UNESCO benchmark, health costs remain below 4 % of GDP and the country loses over $ 18 billion a year for illegal financial flows,” said Rafsanjani.

“In the meantime, the debt-dentient report of Nigeria has now exceeded 70 %, leaving little space for investments in people.”

The report criticized the lack of measurable development projects in most Nigerian states, underlining that this hinders transparency, monitoring progress and significant investments.

He also stressed that, despite the existing international framework such as the African Union Agenda 2063, Ecowas Vision 2050 and the United Nations sustainable development objectives (SDG), the implementation remains weak due to the poor mobilization of resources and weak institutions.

The coalition invited the Nigerian authorities and other development nations to use the next global conference to request large reforms in the global financial system.

These include more fair international tax rules, climatic justice through dedicated funds for losses and damage and better access to facilitating finance.

Rafsanjani also supported the reforms of special drawing rights (SDR), the most inclusive global financial decision -making process and democratized access to green funding.

“We need a whole approach of society. Policymakers, legislators, private sector, civil society and development partners must collaborate to unlock new sources of revenue, fight illegal financial flows, reduce waste and diversify the economy,” he added.

The coalition reiterated its commitment to support stronger global actions to face the capital escape, recover stolen activities and build a more equitable and more transparent international financial architecture.

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