Misinvoicing and IFFs tackled in Nigeria’s new revenue generation initiative

The Nigerian government has launched a new initiative to generate and capture more revenue.

Ministers hope the Strategic Revenue Growth Initiative will substantially swell the amount the government collects for the national coffers to finance national development.

Harmonised collection

Speaking at the official inauguration of the initiative in the Nigerian capital, Abuja, finance minister Zainab Ahmed said its aim was to harmonise collection efforts across all of the country’s revenue generating agencies.

Representatives of the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service (NCS) attended the launch alongside delegates from the Nigeria National Petroleum Corporation, Nigeria Sovereign Investment Authority and the Central Bank of Nigeria.

 Misinvoicing and IFFs

Speaking at the launch, comptroller-general of NCS, Hammed Ali, said that the service would focus on curbing trade-based financial crime.

Ali said the NCS would particularly focus on blocking misinvoicing, reducing smuggling and would work with other agencies to reduce illicit financial flows (IFFs) facilitated by the trade in goods.

Interagency collaboration

Under the initiative, the NCS is also going to work more closely with FIRS to increase tax revenue.

FIRS chairman, Babatunde Fowler, said the revenue service is to link up with the NCS to obtain data on companies that import goods into the country to ensure that they pay their fair share of tax.

Categories: Trade Based Financial crimes News

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