The 2023 Labour Party (LP) presidential candidate, Mr. Peter Obi, has praised the Economic and Financial Crimes Commission (EFCC) for recovering over ₦853 billion in what it identified as proceeds of crime within a year.
He described the development as a welcome step, while also urging the federal government to ensure the recovered funds are transparently invested in critical sectors to improve the lives of ordinary Nigerians.
Obi applauds EFCC, but says recovery is just the beginning
In a post titled “Making Recovered Funds Impactful”, shared via his verified X (formerly Twitter) account, Obi congratulated the EFCC for its efforts but noted that the recovered sum represented only a fraction of the vast amounts looted from Nigeria’s treasury over the years.
“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,” Obi wrote.
“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.”
“Nigerians want to see impact,” says Obi
Obi stressed that beyond public announcements of recoveries, Nigerians are most concerned with how those funds are used. He called for transparent and verifiable investment of the money in essential areas such as health, education, infrastructure, and poverty alleviation.
“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.”
The former Anambra State governor highlighted Nigeria’s pressing development challenges, including having over 20 million out-of-school children—the highest in the world—and more than 100 million people living in extreme poverty. He pointed out that these issues are even more severe in Northern Nigeria.
A practical blueprint for investing recovered funds
Obi provided a breakdown of how the ₦853 billion could be strategically and meaningfully deployed:
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Tripling the Universal Basic Education (UBE) operational budget:
Obi noted that the federal government’s 2024 UBE budget stands at ₦251.47 billion. Tripling it would cost about ₦754 billion, significantly boosting basic education across the country. -
Direct microcredit to Northern states:
With about ₦350 billion remaining, Obi suggested allocating these funds to the 19 northern states to provide microloans and empower the poor. He explained that many of these states have been seeking as little as $2 billion in funding from development banks, highlighting their desperate need for support.
“If these recovered funds and subsequent ones are strategically invested, they would immensely contribute to breaking the cycle of poverty, illiteracy, and insecurity.”
“Let this be the beginning of a new era of accountability”
Obi concluded his statement with a call for a shift in mindset—from mere announcements of fund recoveries to concrete, accountable actions that improve the lives of citizens.
“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.
A New Nigeria is Possible.”
