Minister of State for Finance

Nigeria Loses $18bn to Tax Evasion, Profit Shifting – Government

Nigeria Loses $18bn to Tax Evasion, Profit Shifting – Minister

September 27, 2025 2:16 am

Nigeria is losing an estimated $18 billion every year to tax evasion, profit shifting, and other illicit financial flows, according to the country’s Ministry of Finance — a figure officials warn threatens economic growth and fiscal stability.

Minister of State for Finance, Dr. Doris Uzoka-Anite, disclosed the figure on Tuesday in Abuja at the National Conference on Illicit Financial Flows. She described the losses as a “hydra-headed monster” that drains vital resources from the economy and undermines Nigeria’s development agenda.

Dr. Uzoka-Anite said the majority of the outflows stem from aggressive tax avoidance and profit-shifting strategies by multinational corporations operating …

Democracy Has Failed Nigerians – Abu Gidado

March 7, 2020 10:09 am

An elder statesman, Alhaji Abu Gidado was Minister of State for Finance and Chairman of the monthly meeting of the Federation Accounts Allocation Committee (FAAC) during the regime of late Head of State, Gen. Sani Abacha. Having started his career with Shell Petroleum Development Company, Gidado later served at various times as Commissioner for Finance in both the old Kaduna State and Katsina State.

In this interview, Gidado reviews current political and socio-economic developments in the country and concluded that democracy has failed Nigeria and Nigerians, adding that several years after the return of democratic rule, committed leaders are yet …