Former presidential candidate of the Labour Party (LP), Mr Peter Obi, has said it would be encouraging for Nigerians if they could track and feel the impact of recovered looted funds by the Federal Government.
Obi stressed that such funds should have visible effects in education, healthcare, and poverty reduction across the country.
The former governor of Anambra State made this remark on Friday in response to the disclosure by the Economic and Financial Crimes Commission (EFCC) that it recovered ?853 billion in crime proceeds in the past year alone.
While commending the anti-graft agency for the achievement, Obi noted that the major challenge lies in ensuring that the recovered funds are channelled into areas where Nigerians can truly feel the impact.
Writing on his X handle, he stated:
‘The Economic and Financial Crimes Commission’s (EFCC) announcement that ?853 billion has been recovered from crime proceeds within one year is a step in the right direction.
‘The Commission deserves our commendation for this effort, even though we are aware it’s just a tiny fraction of the funds looted from the public treasury by leaders.
‘Beyond this recovery, what truly matters is the utilisation of these funds in a verifiable and accountable manner, specifically in the critical areas of development, health, education, and poverty alleviation to benefit the people.
‘Nigerians want to see impact. We must be able to trace where and how these recovered funds are invested.
‘Currently, we have over 20 million out-of-school children in the country, the highest in the world. Similarly, we have the highest number of acutely poor people in the world, over 100 million.
‘In both cases, the situation is worse in the North, making all efforts at reducing it imperative. If these recovered funds and subsequent ones are strategically invested, they would greatly contribute to breaking the cycle of poverty, illiteracy, and insecurity.
‘For example, the Federal Government’s 2024 operational budget for Universal Basic Education is about ?251.47 billion. Tripling this sum would require an additional ?503 billion.
‘The remaining ?350 billion could be shared directly among the 19 Northern states as microcredit for the poor. Many of these states have long been applying for as little as ?2 billion in similar funding from our development banks.
‘Let this not just be another announcement of recovery. Let it mark the beginning of a new era of accountability, where every kobo retrieved is turned into classrooms, hospitals, skills, and opportunities for ordinary Nigerians.’