```html Nigeria Intensifies Fight Against Illicit Financial Flows as FIRS Boss Vows to 'Reclaim What Is Ours'

The Federal Government is escalating its efforts to combat illicit financial flows (IFFs) draining the Nigerian economy. Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), recently delivered a strong message against tax avoidance and trade manipulation, stating these practices are crippling the nation's development.

FIRS Launches New Directorate to Combat Illicit Flows

In a move signaling institutional reform, Dr. Adedeji announced the establishment of the Proceeds of Crime Management and Illicit Flows Coordination Directorate within the FIRS. This specialized unit will focus on tackling illicit financial flows and coordinating asset recovery efforts with other law enforcement agencies.

“No government can meet the needs of its people if it allows its revenue to be quietly extracted and transferred elsewhere,” Dr. Adedeji asserted at the National Conference on Illicit Financial Flows in Abuja. The conference brought together representatives from government agencies and international organizations to address the growing concern of funds illegally leaving Nigeria.

Tax Avoidance: A National Crisis

Dr. Adedeji highlighted various tactics used to shift profits abroad and manipulate Nigeria’s tax laws, including mispriced trade, profit shifting, and aggressive tax avoidance schemes. He emphasized the detrimental impact of these practices.

“We are being drained by mispriced trade, profit shifting, and aggressive avoidance schemes. These funds should be building our schools, hospitals, and roads, but instead they disappear into offshore accounts,” he lamented.

Review of Outdated Tax Treaties

The FIRS Chairman also pointed out that many existing tax treaties, signed decades ago, no longer serve Nigeria’s best interests, providing multinational corporations with excessive leeway to repatriate profits untaxed. He announced that a review of these treaties is underway, with ongoing negotiations with several countries to close existing loopholes.

Technological Solutions and Inter-Agency Collaboration

Dr. Adedeji emphasized the need for real-time tracking of financial transactions, stating, "It is not acceptable for the country to be blind to financial movements happening in its economy." He revealed that the FIRS is developing a "modern data engine" to more accurately monitor financial flows and prevent tax evasion through accounting manipulations.

Recognizing that this fight requires a united front, Dr. Adedeji called for stronger collaboration among various institutions. "This is not a fight for FIRS alone. We need Customs, the EFCC, the ICPC, the Central Bank, and our ministries to be fully involved. Everyone must be on the same page."

Key Stakeholders Present

The conference saw participation from prominent figures, including Dr. Doris Uzoka-Anite, Minister of Industry, Trade and Investment; Irene Ovonji-Odida of the United Nations High-Level Panel on Illicit Financial Flows; and representatives from the ICPC, EFCC, Nigeria Customs Service, Central Bank of Nigeria, and the Securities and Exchange Commission.

Expert Analysis: A Critical Turning Point?

According to Dr. Olufemi Taiwo, a Professor of Economics at the University of Lagos, the FIRS's renewed focus on IFFs is a welcome development. "Nigeria has long suffered from revenue leakages, hindering its ability to invest in critical infrastructure and social programs. The creation of a dedicated directorate within the FIRS is a positive step, but its success will depend on the unit's capacity to effectively track and recover illicitly diverted funds," Dr. Taiwo stated.

Financial analyst, Aisha Bello, echoed this sentiment, emphasizing the importance of international cooperation. "IFFs are a global problem, and Nigeria needs to work closely with other countries to trace and recover stolen assets. Strengthening regulatory frameworks and enhancing transparency are also crucial to preventing future illicit flows," she noted.

Historical Context and Future Implications

The issue of IFFs in Nigeria is not new. Over the years, various administrations have attempted to address the problem with limited success. The current administration's renewed commitment, coupled with the establishment of the Proceeds of Crime Management and Illicit Flows Coordination Directorate, suggests a more concerted effort to tackle this persistent challenge.

Dr. Adedeji’s stance signals a clear departure from past approaches, emphasizing action and accountability. As Nigeria grapples with significant public debt and underfunded sectors, stemming the flow of illicit funds could provide a much-needed boost to the nation’s economy and enable greater investment in essential public services.

"What leaves Nigeria through these channels is not just money, but a lost opportunity," Dr. Adedeji concluded, underscoring the urgency and importance of this national endeavor. ```