By Jacob Abuh
The 2023 Labour Party (LP) Presidential candidate, Mr. Peter Obi, has commended the Economic and Financial Crimes Commission (EFCC) for recovering over ₦853 billion believed to be proceeds of crime within one year.
Obi, however, stressed that the true test of the recovery lies in how the funds are transparently utilised for the benefit of ordinary Nigerians.
In a statement on his verified X handle titled “Making Recovered Funds Impactful”, Obi said the recovered sum, though commendable, represents only “a tiny fraction” of the nation’s looted wealth.
He urged that the funds be invested in critical sectors such as education, healthcare, poverty alleviation, and security, noting that Nigeria currently has over 20 million out-of-school children and more than 100 million people living in extreme poverty—with the North worst affected.
“Beyond the recovery, what truly matters is the utilisation of these funds in a verifiable and accountable manner… Nigerians want to see impact. We must be able to trace where and how these recovered funds are invested,” Obi said.
Citing budgetary gaps, Obi suggested that tripling the Federal Government’s 2024 Universal Basic Education allocation of ₦251.47 billion with part of the recovered funds could significantly address educational challenges. He further proposed deploying the balance as micro-credit loans to empower the poor, particularly in Northern states.
He warned against mere publicity of recoveries without tangible results, calling instead for a new era where “every kobo retrieved is turned into classrooms, hospitals, skills, and opportunities for ordinary Nigerians.”
“A New Nigeria is Possible,” Obi concluded.
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