Nigeria, July 23 -- Nigeria's fiscal stability is under threat from illicit financial flows (IFFs) fuelled by tax evasion, profit-shifting, and money laundering, the chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, said on Tuesday.

Speaking at a national conference on illicit financial flows in Abuja, Mr Adedeji said illicit flows through tax evasion, profit-shifting, money laundering and trade mis-invoicing were depriving Nigeria of funds needed for infrastructure, public services and inclusive growth.

He noted that multinational corporations exploiting global tax loopholes were responsible for billions of naira in lost revenue each year.

"The scale of this flow, especially due to aggressive tax avoidance by multi...