₦airaland Forum

Brendaniel:
Something wey I don dey shout about since Buhari's time sef and it got worse under Tinubu, under Tinubu it is bazaar of looting and sending abroad that is going on( free for all Tinubu's loyalists).

That's why I laugh anytime Tinubu supporters or those who think that biggest killer of the naira is importation, importation is like going to market to buy what you don't have in your house to increase productivity for you, so there is a value chain, but these guys are just looting naira and converting to dollars and sending it abroad without any value in return and you expect the naira to grow

That's why I laugh when CBN throws out any policy and the politicians don't start opposing it then the policy did not affect their corruption, Tinubu and his patch patch cabinet are not ready to fight corruption and corruption is the biggest killer of the economy, don't let anyone deceive you.

grandstar:
The bigger killer of the economy isn't corruption. It is bad economic policies.

The fuel subsidies were costing the economy 2% of GDP. For a country that barely collects 10% of it, this was a death sentence.

When Buhari assumed office, 26% of government revenue was going towards debt servicing. By the time he left office, 97% of it was going towards debt servicing. There was overborrowing. One reason for this was borrowing money to provide the subsidy. That was why the 3 leading presidencial candidates wanted the subsidy gone.

This is just one example. I could go on. During Jonathan's government, the economy was doing great despite high levels of corruption.

Bad policies also enable corruption. All corruption surrounding fuel subsidy disappeared was the subsidy ended.

Brendaniel:
Something wey I don dey shout about since Buhari's time sef and it got worse under Tinubu, under Tinubu it is bazaar of looting and sending abroad that is going on( free for all Tinubu's loyalists).

That's why I laugh anytime Tinubu supporters or those who think that biggest killer of the naira is importation, importation is like going to market to buy what you don't have in your house to increase productivity for you, so there is a value chain, but these guys are just looting naira and converting to dollars and sending it abroad without any value in return and you expect the naira to grow

That's why I laugh when CBN throws out any policy and the politicians don't start opposing it then the policy did not affect their corruption, Tinubu and his patch patch cabinet are not ready to fight corruption and corruption is the biggest killer of the economy, don't let anyone deceive you.

MIKOLOWISKA:
how much are you importing
How much are you producing with the import
DE deceive yourself
Country that cannot even feed itself did he tell you he was here to fight corruption?

Christistruth03:
Beware of the IMF

The Structural Adjustment Program which IMF championed under Gen Babangida
in the mid 1980s wiped out Nigeria’s middle class

People went from eating Bread, with fried eggs margarine,, Sardines , Chocolate drink , milk and
Cornflakes daily every morning for breakfast to drinking Pap without Sugar within one year

https://www.premiumtimesng.com/opinion/653494-the-world-bank-imf-wto-and-other-witchcraft-organisations-by-owei-lakemfa.html?tztc=1

grandstar:
The bigger killer of the economy isn't corruption. It is bad economic policies.

The fuel subsidies were costing the economy 2% of GDP. For a country that barely collects 10% of it, this was a death sentence.

When Buhari assumed office, 26% of government revenue was going towards debt servicing. By the time he left office, 97% of it was going towards debt servicing. There was overborrowing. One reason for this was borrowing money to provide the subsidy. That was why the 3 leading presidencial candidates wanted the subsidy gone.

This is just one example. I could go on. During Jonathan's government, the economy was doing great despite high levels of corruption.

Bad policies also enable corruption. All corruption surrounding fuel subsidy disappeared was the subsidy ended.

MIKOLOWISKA:
how much are you importing
How much are you producing with the import
DE deceive yourself
Country that cannot even feed itself did he tell you he was here to fight corruption?

MIKOLOWISKA:
how much are you importing
How much are you producing with the import
DE deceive yourself
Country that cannot even feed itself did he tell you he was here to fight corruption?

Jaga9ja:
Are there illegal financial outflow or not?

That is the point of the topic

ogododo:
https://www.vanguardngr.com/2025/10/illegal-financial-flows-out-of-nigeria-worsening-countrys-revenue-problem-imf/

Brendaniel:
And as fuels subsidy ended, corruption in the fuel industry has ended abi?

grandstar:
What kind of corruption will be ongoing in the industry? Whatever kind of corruption going on today will be low level stuff.

Brendaniel:
And yet fuel scarcity, NUPENG, Dangote and NNPC are still doing abracadabra with pricing and scarcity, there is still corruption.

grandstar:
It isn't costing the government money.

CoronaVirusPro:
His Excellency, President Asiwaju Bola Ahmed Tinubu (GCFR) has summoned the EFCC and ICPC chairman on how best to combat the theft and extortion of our economy.

His Excellency, President Asiwaju Bola Ahmed Tinubu (GCFR) has promised to give maximum support to responsible agency’s and also foreign counterparts

Jamie248:
The same people screaming and wailing about tax are the ones funneling our money abroad...

And of course their defenders on nairaland are too slow to realize what's actually going on

Goke7:
If IMF is complaining then Nigeria must be doing something right 😂

FarahAideed:
She means you are being stolen silly under the guise of fuel importation

chrisblack1234:
If illegal money leaves the country, to where please..you see ow dumb imf is ..we bring in dollar to this country through online, friends , families , poor country, how come Nigeria is now transferring wat they don't have ?

Christistruth03:
IMF has its eyes on Nigerians Earth Minerals and Natural Gas

ogododo:
Promises renewed focus on tracing such flows to plug fiscal leakages

•Upgrades Nigeria’s 2025 economic growth forecast to 3.9%
•Cites stronger domestic fundamentals
•Calls for credible fiscal, monetary policies
•Downgrades global economic growth forecast to 2.8%


The International Monetary Fund, IMF, has decried Illicit Financial Flows, IFFs out of Nigeria, noting that it was contributing to the worsening revenue problem of the country.

The Managing Director of the global institution, Ms. Kristalina Georgieva, who stated this at the ongoing 2025 Annual Meetings of the IMF and World Bank in Washington DC, promised renewed focus on tracing such flows to plug fiscal leakages.

She said: “We believe that for countries like Nigeria, the IMF’s renewed focus on tracing Illicit Financial Flows could provide a blueprint for plugging the fiscal leakages that have long undermined revenue generation and sustainable growth”.

Georgieva warned of the growing threat of illicit financial flows, IFFs, phenomenon which, she said, had become a major factor undermining the economic and financial stability of nations across the globe.

According to her, illicit financial flows which include stolen public funds, proceeds from criminal activities, and untraceable digital transactions, continue to erode governance systems, drain public resources, and cripple developmental efforts, especially in developing economies.

In a recent policy briefing, IMF officials had noted that IFFs now come in “multiple dimensions.” These range from outright embezzlement of taxpayers’ money to private funds channeled into illegal ventures that threaten national welfare.

The digital economy, they added, had further complicated the challenge with cryptocurrencies, such as Bitcoin, providing an avenue for anonymous financial transactions.

The IMF boss said:”You may have money, just plainly stolen money that belongs to the taxpayers. You may have private money directed for criminal activities undermining the welfare of citizens.

“Now with digital money, criminal activities can be funded without being traced. This is a serious problem, and we have to take it as such.”

In response, the IMF disclosed that it had strengthened its Anti-Money Laundering and Combating the Financing of Terrorism, AML/CFT, framework, following a comprehensive review in 2023.

She said: “Following the money has now become a compulsory part of the IMF’s annual Article IV consultations — the standard economic health check for member countries.

‘’This ensures that the fund routinely assesses each nation’s exposure to illicit flows and financial integrity risks.”

The MD added that the IMF was embedding lessons from past experiences into its financial sector evaluation tools to better trace illicit transactions and vulnerabilities.

In addition, she said for countries seeking IMF financial assistance, any program design would now include specific measures to address the problem of illicit flows, particularly where such challenges are deemed systemic.

Ms. Georgieva also said the Fund was supporting member countries through technical assistance and training to enable local authorities detect, trace and respond effectively to suspicious financial activities.

“We need to train country authorities so they can trace illicit financial flows, be more alert, and act quickly. Digital tools help in tracking money, but they also create new avenues for evading oversight,’’ she added.

Governance and the way forward
The MD emphasised that curbing illicit financial flows goes beyond financial systems to the very core of governance and institutional integrity.

She said through its Governance Diagnostics initiative, the Fund was helping countries identify structural weaknesses that allowed corruption and financial crimes to thrive.

“The governance diagnostic is not an audit, it is about identifying vulnerabilities in the institutional setup, the breeding grounds for problems and proposing reforms to address them,” the IMF boss said.

She encouraged greater collaboration among government agencies, civil society organizations, and international partners in tackling the menace.

Her words: “We ask our teams to engage with civil society and non-government institutions because they often know where the vulnerabilities lie. Working together, we can build trust and achieve more.”

She commended ongoing partnerships with countries, such as Sri Lanka and Kenya, which have embraced collaborative frameworks to combat financial crimes while strengthening governance structures.


https://www.vanguardngr.com/2025/10/illegal-financial-flows-out-of-nigeria-worsening-countrys-revenue-problem-imf/

CoronaVirusPro:
His Excellency, President Asiwaju Bola Ahmed Tinubu (GCFR) has summoned the EFCC and ICPC chairman on how best to combat the theft and extortion of our economy.

His Excellency, President Asiwaju Bola Ahmed Tinubu (GCFR) has promised to give maximum support to responsible agency’s and also foreign counterparts

Believeintruth:
Dude are you sure you are okay? Is IMF now a mining concern? Are there illegal financial outflows in Nigeria? Yes, is it affecting the economy, yes of course.

coolcharm:
As Nigerians, we’re not yet ready for these conversations. We know the thieves… they are all parading in agbada and suits, handing piece meals to victims of their weaponized poverty to push narratives, counter criticisms like attack dogs and dodge accountability.

The average Nigerian is a greedy cheat and theif with no conscience, and it is evident.

Christistruth03:
IMF is controlled by western Countries

It’s Policies affect Currency exchange rates ,

debt profiles of Nations and Economic Policies

that Economic Resources practically end up being given away


If IMF persuades a country to Pile up unnecessary debts that countries resource become
easy prey for the West
eg Congo

Believeintruth:
Oga sometimes you should try and stop making sensational propaganda. IMF has always been a tool no doubt, but what they said about illegal money leaving Nigeria is pure fact. Even you know it

Brendaniel:
And you think when citizens lose money to the corruption still going on it doesn't still affect the government indirectly?

grandstar:
I don't understand what your problem is! Are you bitter that the fuel subsidy is gone?

CodeTemplarr:
What i have always known and complained about. Those governors and elite looters we see daily, they have big ambitions to buy their own florida mansions so secretly look for ways to turn their huge allocations into dollar and head out. That increases demand for forex and weakens the naira. It also denies the local economy of capital to stimulate the much needed growth.

As a matter of fact, that's is why the low cadre earners are suffering under this admin.

Brendaniel:
The fuel subsidy was not the problem. the corruption was the problem, there is no global power in the world today that does not have one form of subsidy or the other for their citizens, you are making it look as if subsidy is a bad thing and will only cause problem, that's one of the major issue I have with the way some of you do things in Nigeria. instead of tackling the root cause of a problem, you either destroy the whole thing or fight it from surface, in the end the problem remains or causes a bigger problem like what Tinubu has done...