President Muhammadu Buhari says the Federal Government was committed to winning the war against corruption in Nigeria.
Buhari said this in New York at the African Union High-Level Dialogue with the theme: “Winning the Fight against Corruption: A Sustainable Path to Africa’s Transformation.’’
Buhari commended African leaders for the honour bestowed on him to champion the course of fighting corruption in Africa in 2018 and beyond.
The president, however, urged African leaders to also remain committed to the fight against corruption to ensure rapid development of the continent.
According to Buhari, Africa loses about 50 billion dollars to illicit financial flow annually.
“Illicit financial flow out of the continent has become a major concern because of the scale of its negative effects on economic development and governance agenda.
“Some of the effects of corruption include draining of foreign exchange reserves, reduction of tax revenue collection, poor investment inflow and escalation of poverty,” he said.
He said that efforts were being made by African leaders to checkmate the illicit financial flow from the continent
Buhari said that one of the measures necessary if Africa was to make headway in the fight against corruption, was to evolve laws and policies which encourage transparent financial transactions.
He said that another measure was to ensure implementation of measures that would mitigate the incentive that facilitate the illegal outflow of funds from the continent.