Labour Party presidential candidate during the 2023 election, Peter Obi, has called on the federal government to ensure that a significant portion of funds recovered by the Economic and Financial Crimes Commission (EFCC) is channelled into development projects.
In his post on Friday, the former Anambra State governor reacted to the EFCC’s announcement that ₦853 billion was recovered within one year as proceeds of crime. Obi described the move as a positive step but stressed the need for accountability in how the money is utilised.
“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,” Obi said.
He further stated that Nigerians want transparency in the use of such funds. “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,” he added.
Highlighting the challenges facing the country, Obi pointed out that Nigeria currently has over 20 million out-of-school children, the highest figure in the world. He also noted that more than 100 million Nigerians are living in acute poverty, with the situation particularly worse in the northern region.
“If these recovered funds and subsequent ones are strategically invested, they would immensely contribute to breaking the cycle of poverty, illiteracy, and insecurity,” he said.
Obi gave examples of how the money could be applied, referencing the 2024 federal government budget. “For example, the Federal Government 2024 operational budget for Universal Basic Education contribution is about ₦251.47 billion, so to triple this sum will be an additional ₦503 billion. The remaining ₦350 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,” he explained.
He urged the federal government to ensure that the announcement of recovery does not end as mere publicity, but becomes the start of a new era of accountability where recovered funds are turned into classrooms, hospitals, skills, and opportunities for ordinary Nigerians.
