Nigeria’s Minister of Finance, Wale Edun, has revealed that illicit financial flows are costing Nigeria and other African countries about $88 billion every year.

He made this known during a tax and financial transparency meeting held in Abuja.

According to him, these illegal outflows reduce funds that could have been used for development and poverty reduction.

Edun stressed the need for stronger tax systems and better financial discipline across African nations.

Officials also highlighted that improving revenue collection will help governments build trust and fund critical sectors.

He expressed hope that ongoing reforms and cooperation will help African economies grow stronger and more independent.