Buhari Explains How Recovered Loot Was Spent

October 7, 2018

1.2 min readCategories: News

Nigeria’s President Muhammadu Buhari has made clarification on the confusion trailing the whereabouts and spending of recovered looted funds.

The Nigerian government in April said the recovered loots were being paid into dedicated accounts with the Central Bank of Nigeria, (CBN).

Daily Post reported that Buhari, in his acceptance speech after he clinched the ruling All Progressives Congress presidential ticket on Saturday, said his administration has been spending the recovered money lost to graft on infrastructural structures.

The President was, however, not specific on the infrastructural developments ongoing with the recovered funds.

“We are attacking corruption head-on. With international support we are recovering Nigerian stolen assets and applying them to infrastructural developments,” Buhari said.

While the greatest expectation on Buhari remains in the ability of his government to stem the tide corruption, questions have been raised on the discrepancies in the figures released to the media by Acting Chairman, Economic and Financial Crimes Commission, EFCC, Ibrahim Magu, and former Minister of Finance, Kemi Adeosun.

Several members of opposition People’s Democratic Party (PDP) who served in the Goodluck Jonathan administration or participated in re-election bid of the former president have been arrested with various amounts allegedly recovered from them.

The EFCC had also announced recoveries of cash hauls, sometimes in millions of dollars, from homes of former administration officials and even security agencies.

Anti-graft detectives made back-to-back recoveries after the administration’s whistle-blower policy came to force in late 2016.

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