President Muhammadu Buhari said the free flow of illegitimate funds on the continent is a significant cause of insecurity in Africa.
Speaking on Thursday at the 16th Conference of the Committee of Intelligence and Security Services of Africa in Abuja, The President called on intelligence to track and block these funds and terror sponsors.
He said about $60billion is been put out annually for illegal funding of crime and outflows from Africa
“Frankly, the may never understand real extent of the damage. However, estimates indicate that African countries lose more than $60 billion annually owing to illegitimate financial outflows, a staggering amount for a continent in dire need of financing for development.
Corroborating this figure, the United Nations Report on ‘ illegitimate Financial Flows and the Problem of Net Resource Transfers from Africa: 1980-2009 ‘ indicated that between $1.2 trillion and $1.4 trillion were taken from Africa between 1980 and 2009.
“This figure is half of all African countries’ current Gross Domestic Products,” Buhari quoted when telling the attendants in a statement by his Special Adviser on Media and Publicity, Mr Femi Adesina.