Nigeria's Minister of Finance and Coordinating Minister for the Economy, Wale Edun, has called for urgent fiscal reforms to curb illicit financial flows (IFFs) in Africa. He made the appeal while delivering a keynote address at the opening of the fifth session of the African Union (AU) Sub-Committee on Tax and Illicit Financial Flows in Abuja on Tuesday, April 1, 2026.
Edun emphasized that IFFs, which include tax evasion, money laundering, and corruption, significantly undermine domestic resource mobilization and economic development across the continent. He stressed the need for African nations to strengthen their tax systems, enhance transparency, and improve international cooperation to track and repatriate illicit funds.
The minister highlighted Nigeria's ongoing efforts, including the deployment of technology to improve tax administration and the implementation of the African Continental Free Trade Area (AfCFTA) agreement, as part of a broader strategy to combat these outflows. The AU sub-committee session is expected to deliberate on policy recommendations to present to the AU's Specialized Technical Committee on Finance, Monetary Affairs, Economic Planning, and Integration.
