By Sandra Nwaokolo

Copyright tribuneonlineng

Peter Obi has outlined how the EFCC recovered loot of ₦853 billion should be strategically invested to directly benefit Nigerians, insisting on transparency and accountability in their utilisation.

The former Anambra State governor and Labour Party presidential candidate, in a post on his X handle Friday, commended the Economic and Financial Crimes Commission (EFCC) for the recovery, describing it as “a step in the right direction.”

However, Obi cautioned that the ₦853 billion was “just a tiny fraction of the funds looted from the public treasury by leaders,” and stressed that “beyond this recovery, 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.”

The Labour Party standard-bearer said Nigerians “want to see impact” and must be able to trace where and how the EFCC recovered funds are invested.

He noted that the country currently has over 20 million out-of-school children, the highest figure globally, and more than 100 million citizens living in poverty, with the situation being worse in the North.

Obi argued that if the recovered funds are properly channelled, they could significantly 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 ₦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 microcredit to the poor,” Obi proposed, noting that many states have long applied for as little as ₦2 billion in similar loans from development banks.

The former governor warned that the announcement should not end up as another mere record of recovery but rather mark the beginning of a new era of accountability.

“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,” Obi said.

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