The Federal Inland Revenue Service (FIRS) has urged world leaders to intensify action against cross-border economic crimes, warning that the rising trend threatens revenue mobilisation, fair competition, and sustainable growth.
FIRS Chairman, Zacch Adedeji, made the call at the 42nd Cambridge International Symposium on Economic Crimes in the United Kingdom. He was represented at the event by Prof. Bolaji Owasanoye.
Adedeji identified tax evasion, abusive transfer pricing, and illicit financial flows as major practices undermining the global economy, stressing that compliant businesses, particularly small and medium enterprises (SMEs) are unfairly disadvantaged.
“Illicit financial practices distort competition, weaken trust in institutions, and deny governments the resources required to achieve development outcomes,” he said.
He explained that the administration of President Bola Ahmed Tinubu is addressing these challenges through sweeping fiscal reforms.
According to him, the signing of four new tax bills in June 2025 has modernised Nigeria’s tax system, plugged leakages, and aligned domestic laws with international standards.
Adedeji also noted that FIRS, which will formally transition into the Nigeria Revenue Service (NRS) in 2026, is deploying technology-driven compliance tools such as e-invoicing systems for transaction transparency and AI-powered analytics for risk profiling.
“These innovations are designed to make compliance easier for businesses while making evasion more difficult. Beyond boosting revenue, the reforms will level the playing field for Nigerian entrepreneurs,” he stated.
He further reaffirmed FIRS’s commitment to collaborating with international organisations and peer nations to curb cross-border financial crimes that drain national resources and stifle inclusive growth.
