On-recovered-looted-funds-in-the-fight-against-corruption-what-has-the-federal-government-used-the-recovered-loots-for
September 7, 2020 | News
ON RECOVERED LOOTED FUNDS IN THE FIGHT AGAINST CORRUPTION – WHAT HAS THE FEDERAL GOVERNMENT USED THE RECOVERED LOOTS FOR?
With recent reports that the Chairman of the Presidential Advisory Committee Against Corruption (PACAC), Prof. Itse Sagay, has revealed that about N1 trillion has been recovered from proceeds of corruption perpetrated by Nigerians in the country, we believe that Nigerians are truly grateful to the President Muhammadu Buhari APC-led administration for his concerted efforts in the fight against corruption, which have led to the said recovered loot. This is because it is the first time that in the democratic history of this nation, that Nigerians have witnessed top Nigerian politicians being made to squally face corruption charges brought against them by anti-graft agencies, which have also led to the recovery of enormous public wealth that were stolen by these persons. However, what the Nigerian public is yet to see, is what exactly have the Nigerian Federal Government used these recovered loots to do? What have they used all that recovered loot for, in improving the living standard of Nigerians and making life a lot bearable for the general masses? That is the big question the Government of the day have not been able to provide tangible and verifiable answers to.
Truth be told, it is not enough to come out every now and then to tell Nigerians that so-so number of billions and trillions of amounts have been recovered from proceeds of corruption in high places. What Nigerians are more interested in is “ACCOUNTABILITY” - the utilization of all the recovered money to improve the existing deplorable basic infrastructure across the country, and better the economy for the citizenry. The Nigerian masses need to see exactly what and what the recovered monies was/and is being used for.
Let us recall that some months ago, the Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, revealed that he had set a new record in asset recovery and conviction of corrupt elements in the country in the last three years of his outing, as he announced that the EFCC under his watch recovered N794 billion, $261 million (about N77.8 billion), £1.1 million and 407 mansions from looters. He also said that the commission convicted no fewer than 703 corrupt persons and institutions within the period under review. Recently too, the EFCC has said that its intervention had led to the saving of N4.5 billion monthly by the Federal Government. EFCC said the money was hitherto lost to ‘ghost workers’ on the Federal Government’s payroll.
Now more recently, Prof. Itse Sagay, who reportedly said that corruption in the country has reduced under the 9th National Assembly, while he accused the 8th National Assembly headed by the then Senate President, Senator Bukola Saraki for spearheading the gang-up against anti-graft battle in the country; has come again to reveal that about N1 trillion has been recovered from the war against graft in the country.
All well and good, but the fact still remains that Nigerians have no iota of idea of what the Federal Government has been using all that recovered loot to do, in improving the living standards of Nigerians. According to Prof. Sagay, that figure did not even include those loots recovered from outside Nigeria. The hint provided by Prof. Sagay, as to what the said recovered funds were used for, was that the said recovered funds are being plunged back into the national budget every year. The funds, he said, has been used to fund the activities of the Social Investment Programmes. That to us, is a very vague and general statement that does not really give details of exactly what, and how the said recovered loots was/ and is being utilized.
More so, one would have expected the Federal Government to focus more on investing heavily on the provision of needed infrastructure in the country with all the said recovered loots. The so-called Social Investments Programmes and the elephant-recurrent expenditure in the nation’s annual budgets, are obvious channels that encourage more pilfering and waste of the said re-channeled recovered loots from corruption proceeds. At the end of the day, there will not be any significant difference in the living standards of the majority of Nigerians, despite whatever amounts of recovered loots and ploughed back into the system. Hence, the need for the Federal Government to focus more on expending the said recovered loots on provision of basic infrastructure (capital projects) that are seriously begging for urgent attention across the country.
For quite some time now, most of the Federal Roads across the country are in bad shape. For example, the Federal road railway crossing at the Udu road spot, in Udu LGA, Delta State, is very bad. The overhead bridge of the Federal Government that is there has also been abandoned; the Federal Warri-Sapele-Benin road is currently in a very terrible state. No new infrastructure has been built in the last couple of months/years. The power supply in the country has gone from bad to worse, especially since this administration came on board. With all of this, how on earth in this administration expecting to end poverty and address the myriads of problems daily plaguing Nigerians on the streets?
It is only heavy investment in infrastructure that will make this administration, and the ones coming after it, to change the current narrative of Nigeria being a country that is “consumption-driven rather than being productive-driven.” No country's economy can attain needed height when it is generator-driven. No country can develop without having the basic infrastructure for such economic growth to take place. While other countries are daily investing heavily on infrastructure, the Nigerian Government at all levels are busy spending more funds, including recovered loots from corruption proceeds, on administration/governance. Name all the places today that Nigerians and other foreigners like trooping into; Dubai, London, New York, Paris, Singapore, etc., they are all developed because they started with having the required infrastructural foundation on ground, and every other thing/development took shape on that foundation. That is exactly what we need in Nigeria.
The anti-corruption fight will only work and thrive on transparency and accountability. Without giving the details of how the recovered funds/assets are expended, which we advised should be focused squarely on infrastructure, all of the efforts put in to recover stolen funds will amount to waste. The funds/assets recovered belong to the Nigerian people, hence they deserve to benefit from its spending.
Zik Gbemre.
October 17, 2019
We Mobilize Others To Fight For Individual Causes As If Those Were Our Causes
With recent reports that the Chairman of the Presidential Advisory Committee Against Corruption (PACAC), Prof. Itse Sagay, has revealed that about N1 trillion has been recovered from proceeds of corruption perpetrated by Nigerians in the country, we believe that Nigerians are truly grateful to the President Muhammadu Buhari APC-led administration for his concerted efforts in the fight against corruption, which have led to the said recovered loot. This is because it is the first time that in the democratic history of this nation, that Nigerians have witnessed top Nigerian politicians being made to squally face corruption charges brought against them by anti-graft agencies, which have also led to the recovery of enormous public wealth that were stolen by these persons. However, what the Nigerian public is yet to see, is what exactly have the Nigerian Federal Government used these recovered loots to do? What have they used all that recovered loot for, in improving the living standard of Nigerians and making life a lot bearable for the general masses? That is the big question the Government of the day have not been able to provide tangible and verifiable answers to.
Truth be told, it is not enough to come out every now and then to tell Nigerians that so-so number of billions and trillions of amounts have been recovered from proceeds of corruption in high places. What Nigerians are more interested in is “ACCOUNTABILITY” - the utilization of all the recovered money to improve the existing deplorable basic infrastructure across the country, and better the economy for the citizenry. The Nigerian masses need to see exactly what and what the recovered monies was/and is being used for.
Let us recall that some months ago, the Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, revealed that he had set a new record in asset recovery and conviction of corrupt elements in the country in the last three years of his outing, as he announced that the EFCC under his watch recovered N794 billion, $261 million (about N77.8 billion), £1.1 million and 407 mansions from looters. He also said that the commission convicted no fewer than 703 corrupt persons and institutions within the period under review. Recently too, the EFCC has said that its intervention had led to the saving of N4.5 billion monthly by the Federal Government. EFCC said the money was hitherto lost to ‘ghost workers’ on the Federal Government’s payroll.
Now more recently, Prof. Itse Sagay, who reportedly said that corruption in the country has reduced under the 9th National Assembly, while he accused the 8th National Assembly headed by the then Senate President, Senator Bukola Saraki for spearheading the gang-up against anti-graft battle in the country; has come again to reveal that about N1 trillion has been recovered from the war against graft in the country.
All well and good, but the fact still remains that Nigerians have no iota of idea of what the Federal Government has been using all that recovered loot to do, in improving the living standards of Nigerians. According to Prof. Sagay, that figure did not even include those loots recovered from outside Nigeria. The hint provided by Prof. Sagay, as to what the said recovered funds were used for, was that the said recovered funds are being plunged back into the national budget every year. The funds, he said, has been used to fund the activities of the Social Investment Programmes. That to us, is a very vague and general statement that does not really give details of exactly what, and how the said recovered loots was/ and is being utilized.
More so, one would have expected the Federal Government to focus more on investing heavily on the provision of needed infrastructure in the country with all the said recovered loots. The so-called Social Investments Programmes and the elephant-recurrent expenditure in the nation’s annual budgets, are obvious channels that encourage more pilfering and waste of the said re-channeled recovered loots from corruption proceeds. At the end of the day, there will not be any significant difference in the living standards of the majority of Nigerians, despite whatever amounts of recovered loots and ploughed back into the system. Hence, the need for the Federal Government to focus more on expending the said recovered loots on provision of basic infrastructure (capital projects) that are seriously begging for urgent attention across the country.
For quite some time now, most of the Federal Roads across the country are in bad shape. For example, the Federal road railway crossing at the Udu road spot, in Udu LGA, Delta State, is very bad. The overhead bridge of the Federal Government that is there has also been abandoned; the Federal Warri-Sapele-Benin road is currently in a very terrible state. No new infrastructure has been built in the last couple of months/years. The power supply in the country has gone from bad to worse, especially since this administration came on board. With all of this, how on earth in this administration expecting to end poverty and address the myriads of problems daily plaguing Nigerians on the streets?
It is only heavy investment in infrastructure that will make this administration, and the ones coming after it, to change the current narrative of Nigeria being a country that is “consumption-driven rather than being productive-driven.” No country's economy can attain needed height when it is generator-driven. No country can develop without having the basic infrastructure for such economic growth to take place. While other countries are daily investing heavily on infrastructure, the Nigerian Government at all levels are busy spending more funds, including recovered loots from corruption proceeds, on administration/governance. Name all the places today that Nigerians and other foreigners like trooping into; Dubai, London, New York, Paris, Singapore, etc., they are all developed because they started with having the required infrastructural foundation on ground, and every other thing/development took shape on that foundation. That is exactly what we need in Nigeria.
The anti-corruption fight will only work and thrive on transparency and accountability. Without giving the details of how the recovered funds/assets are expended, which we advised should be focused squarely on infrastructure, all of the efforts put in to recover stolen funds will amount to waste. The funds/assets recovered belong to the Nigerian people, hence they deserve to benefit from its spending.
Zik Gbemre.
October 17, 2019
We Mobilize Others To Fight For Individual Causes As If Those Were Our Causes