Illicit financial flows (IFFs) abroad, non-discretionary tax waiver grants and high overhead costs are the major reasons for the failure of Nigeria’s Federal Inland Revenue Service (FIRS) to meet its tax revenue targets in recent times according to its executive chairman, Muhammad Nami.

He is particularly concerned about IFFs facilitated by profit shifting by multinational companies, which Nami says also enjoy undeserved tax breaks.

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