Forum of State Commissioners of Finance: Enabling Fiscal Discipline, Macroeconomic Stability and Growth across Nigeria’s 36 States.

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TAX EVASION: FIRS HOSTS CONFERENCE ON ILLICIT FINANCIAL FLOWS ...

The Federal Inland Revenue Service (FIRS) has concluded plans to host a two-day national conference on Illicit Financial Flows (IFFs) in its efforts to safeguard Nigeria’s financial integrity through tackling the menace which adversely impacts revenue collection.According to a statement by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, Dr Zacch Adedeji, the conference will be held between July 22 and 23.The high-level gathering has the theme “Combating Illicit Financial Flows: Strengthening Nigeria’s Domestic Resource Mobilisation,” and will be held at the Transcorp Hilton Hotel, Abuja.The statement said the conference will serve as a platform for reflection on actionable solutions, reinforcing the Federal Government’s commitment to protecting financial integrity and ensuring that domestic revenue is fully harnessed for national development.The event will bring together experts from various fields, including policymakers, tax administrators, law enforcement agencies, anti-corruption agencies, financial experts, and international stakeholders.A key member of the United Nations High Level Panel on IFFs, also known as the FACTI Panel, Honourable Irene Ovonji-Odida, will deliver a keynote address, while the Minister of State for Finance, Dr Doris Uzoka-Anite, will chair the conference.The statement quoted Adedeji as saying that the conference will spotlight the agency’s “intensified efforts in tackling IFFs, including strengthening compliance mechanisms, enhancing beneficial ownership transparency, and leveraging technology to detect and deter tax evasion, trade mispricing, and other illicit outflows.”“Before now, we have set in motion machinery to tackle IFFs by approving capacity building programmes for staff members of the agency on how to identify and block...

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Overview Of The FCF, Ng

The Forum of Commissioners of Finance in Nigeria serves as a vital platform for collaboration, knowledge exchange, and strategic decision-making among finance commissioners across the country. Its primary purpose is to foster dialogue, share best practices, and address critical financial challenges faced by states and the nation as a whole. Under the leadership of a Chairman, commissioners actively participate, ensuring diverse perspectives and regional considerations. Key focus areas include budget formulation, revenue mobilization, debt management, financial accountability, economic diversification, and investment promotion. The forum collaborates with the Nigerian Governors Forum (NGF) and engages with federal agencies like the Economic and Financial Crimes Commission (EFCC). Achievements include improved financial management practices, but challen…

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Frequently Asked Questions

The Forum of Finance Commissioners in Nigeria (FCFN) is a non-partisan body comprising the Finance Commissioners of all 36 states in Nigeria. The forum serves as a platform for ensuring fiscal discipline, discussion, coordination, and the exchange of ideas on financial matters affecting the states and the nation as a whole. FCFN aims to enhance the fiscal policies of each state, ensuring alignment with national economic goals.

The primary objectives of FCFN include:

  • Facilitating dialogue and collaboration among state Finance Commissioners,
  • Foster collaboration between the 36 states, in a bid to influence the decisions of the Federation Account Allocation Committee (FAAC)
  • Promoting best practices in public financial management across the states.
  • Advising on and contributing to national fiscal policies.
  • Coordinating efforts to address common financial challenges faced by states.
  • Enhancing transparency and accountability in the management of state resources.

The Forum of Finance Commissioners in Nigeria meets monthly. These meetings provide an opportunity for commissioners to discuss current financial issues, share insights, and develop strategies for addressing economic challenges at both the state and national levels. Additional meetings may be convened as needed to address urgent matters.

Membership in FCFN provides several benefits, including:

  • Access to a network of financial experts from all states.
  • Opportunities to share and adopt best practices in public financial management.
  • Collaborative problem-solving on issues that affect multiple states.
  • A collective voice in national financial policy discussions.
  • Training and capacity-building programs for state finance personnel.

FCFN engages with the Federal Government through regular consultations and dialogue on fiscal policies and matters affecting the states. The forum provides input on federal fiscal decisions, ensuring that state interests are considered. Additionally, FCFN works closely with federal agencies to implement and monitor national financial policies at the state level.