The presidential candidate of the Labour Party during the 2023 election, Peter Obi, has advised the federal government to share N350 billion of the N853 billion reportedly recovered by the Economic and Financial Crimes Commission (EFCC) as crime proceeds in one year.
He suggested that the beneficiary states would in turn convert the funds into micro credit, and lend to the poor.
He revealed that most of these states have long been applying for as little as 2 billion naira of similar funding from the country`s development banks.
In an X publication on Friday, Obi described the EFCC`s recovery as a step in the right direction.
He had referenced the EFCC as announcing the feat, adding that 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 the leaders.”
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The former Anambra state governor justified his arguments with figures of out of school children in the country, as well as the global poverty index, stating that Nigeria prides itself with the highest global number of out of school children, and over one hundred million acute poor persons, the highest figure in the world.
He pointed out that the north of the country is worst hit by these developments, as he highlighted that all efforts toward reducing the situation remain imperative.
According to him, if the recovered funds and subsequent ones are strategically invested, they would immensely contribute to breaking the cycle of poverty, illiteracy, and insecurity.
Part of the X publication read, “Beyond this recovery therefore, 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 acute poor in the world, over a hundred million.
“In both cases, it is worse in the North, and all efforts toward reducing the situation remain imperative. If these recovered funds and subsequent ones are strategically invested, they would immensely contribute to breaking the cycle of poverty, illiteracy, and insecurity.
“For example, the Federal Government 2024 operational budget for Universal Basic Education contribution is about N251.47 billion, so to triple this sum will be an additional N503 billion. The remaining N350 billion can be shared directly to 19 Northern provinces for lending micro credit to the poor. Most of these states have long been applying for as little as #2 billion of similar funding from our development banks.
Let this not just be another announcement of recovery. Let it be the beginning of a new era of accountability, where every kobo retrieved is turned into classrooms, hospitals, skills, and opportunities for ordinary Nigerians.”