In order to strengthen the collaboration between African nations in the battle against illicit financial flows, the African Development Bank has announced the beginning of the African Financial Integrity and Accountability Support Project.
The Coalition for Debate on Africa and the AfDB will join to launch the project with a $5.9 million project, according to a statement released by the AfDB on Friday.
President Muhammadu Buhari announced in 2020 that between 2003 and 2012, Nigeria lost 157.5 billion dollars to illicit cash flows.
The African Development Bank highlighted that the project launched at the African Union headquarters, intends to strengthen regional collaboration on financial transparency and accountability.
They added that “It will promote coordinated implementation of the high-level panel’s recommendations on illicit financial flows and the adoption of collaborative plans and activities relating to international taxes, stating that the three-year support initiative would assist participants in aggressively halting illicit cash flows and enhancing the generation of domestic income in Africa.
It was also noted that the support will foster a cogent African response to illicit financial flows, in accordance with the AU Assembly Special Declaration on IFFs passed in January he support will foster a cogent African response to illicit financial flows, in accordance with the AU Assembly Special Declaration on IFFs passed in January 2015.
“By working with other national, regional, and international actors, CoDA, the AU Commission Departments of Economic Development, Trade, Tourism, Industry and Minerals, and Political Affairs, as well as the Peace and Security Department, will advance the continent-wide asset recovery agenda for Africa that is encapsulated in the Common African Position on Asset Recovery, which was adopted in February 2020.
The Deputy Director-General of the Bank’s Eastern Africa Regional and Business Delivery Office, Abdul Kamara, stated that the initiative will support improved public financial management to increase revenue mobilization and management while also assisting in the fight against illicit financial flows.
However, during a side event hosted by the African Union Development Agency and the New Partnership for Africa’s Development at the 74th United Nations General Assembly, President Muhammed Buhari disclosed that Nigeria lost 157.5 billion dollars to illegal money flows between 2003 and 2012.
Buhari cited a 2014 Global Financial Integrity Report when he said that the funds could have been utilized to pay for government programs or reduce poverty in the nation.
The man responded, “this is why as Africans, we have no choice but to break the back of corruption.
The importance of enhancing asset recovery was emphasized by President Buhari. He also stressed the importance of eradicating corruption and making sure the war is fought at all costs.