ILLICIT FINANCIAL FLOW AND ITS EFFECT ON POLITICAL AND ECONOMIC DEVELOPMENT IN NIGERIA

Illicit financial flow is a global issue that needs am imperious fervent attention by both developed and developing nations. It is more rampant and overwhelming to the economy of third world countries like Nigeria. Therefore this paper examine Illicit Financial Flow and it effect on Political and Economic Development in Nigeria. To achieve this, historical and descriptive analysis method was utilized for the investigation while power-based regime theory was adopted as a theoretical framework. The findings revealed that the factors that facilitates Illicit Financial flows on Political and Economic Development in Nigeria is the nature of the nation corruption tendency, and also illicit financial flow has no any impact on the Nigerian economic development. The study among others recommends that government of Nigeria must lobby developed nations to adopt control so that individuals who move funds out of Nigeria into tax havens and secrecy jurisdictions can be exposed. This should follow up with stringent measures, legislations and institutional framework on how Illicit Financial Flows offenders should be treated. Culprits should be punished according to the law; there should be need for reorientation, sensitizations and education of people about the adverse effect of IFF, Nigeria anti-graft agencies, ministries and parastatals such as, Nigerian Customs Services, Nigeria Immigration Services. Economic and Financial Crime Commission, Independent Corrupt Practices and Other Related Offences Commission, Federal Inland Revenue Services, should be re-trained and equipped with all that is needed for to perform optimally.