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Nigeria loses $2.9bn yearly from tax waivers to multinationals - CISLAC

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CISLAC says Africa lost US$1 trillion in illicit financial flows (IFFs), out of which US$50 billion is lost annually over the last 50 years.

Executive Director, CISLAC, Auwal Rafsanjani, made this known at the Pan African Conference on Combating Illicit Financial Flow to Bridge the Widening Inequality Gap.

“International Monetary Fund and World Bank have all expressed concerns over the likely sharp increase in inequality and poverty arising from the pandemic. Mr Rafsanjani said that this was more than enough to fund a full vaccine programme for the entire West African population. The Registrar-General, Corporate Affairs Commission , Garba Abubakar, represented by Abdulhakeem Mohammed, the Director, Compliance, CAC, observed that the Pandora Papers exposure, in which Premium Times played a major role, proved that poverty, inequality, lack of infrastructure, and good governance have not been fully addressed.

 

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