The International Monetary Fund has warned that illicit financial flows continue to drain Nigeria’s public finances and undermine its revenue base. IMF Managing Director Kristalina Georgieva said the Fund is renewing efforts to trace hidden money movements that rob the country of vital resources.
Speaking at the IMF–World Bank Annual Meetings in Washington, Georgieva said tackling stolen funds, criminal proceeds and untraceable digital transactions could form a new blueprint for Nigeria’s fiscal stability and growth. She described the issue as a deeply entrenched vulnerability for developing economies.
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The IMF commended Nigeria’s progress in revenue collection and transparency in foreign exchange management, noting that currency adjustments, while painful, can help restore balance and competitiveness. The Fund pledged to deepen collaboration with Abuja on tracing and curbing illicit flows.
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