Opinion
Where Are The Recovered Funds?
The story of recovered looted funds is no longer new in Nigeria. At various stages, huge amounts have been announced as either stolen, looted or recovered. During the immediate past regime of President Goodluck Jonathan, humongous sums were reportedly recovered , especially from the Abacha stash.
As he was canvassing for electorate’s vote in 2015, President Muhammadu Buhari made the issue of looted funds a campaign point , promising to make known any amount recovered and the culprits.
In line with that promise , one year into his regime, the Federal Government announced the recovery of a whopping sum of N3.4 trillion in cash and assets from looters in the country in one year.
Subsequently, there has been other looted fund recoveries from political office holders and other top personalities in the country. Just a few weeks ago , the Minister of Information and Culture, Alhaji Lai Mohammed , disclosed that the sum of $151 million and N8 billion looted funds were recovered from three sources through the whistle blowing policy recently introduced by the Ministry of Finance. That excludes the $9.2 million cash recently recovered from a former General Managing Director of NNPC, Andrew Yakubu.
The sweeping recoveries that the Economic and Financial Crimes Commission (EFCC) claims to have been making since the introduction of the whistle-blowing policy is mind- blowing.
To think that such reckless stealing has been going on in a country that claims to have laws and order, yet there is hardly any successful prosecution, not to talk of conviction, is simply incredible. In other civilized clime, many of the culprits would have been facing the wrath of the law by now.
But ours is a country where conscienceless opportunistic elite after stealing the states and the nation blind are welcomed with parties and state banquets. Ours is a nation where you can amass a lot of wealth by exploiting the power conferred on you by your office and you will be applauded, whereas an ordinary person caught stealing a goat spends years in prison. Let’s leave the discussion on this gross injustice for another day and come back to the issue of the claimed recovered funds.
However, one finds it a bit worrisome that despite the huge sums said to have been recovered, the economy of the country is still in a very bad shape; poverty continues to ravage the land. We still hear the Federal Government seeking loans from international lenders including the World Bank and the African Development Bank to meet budget shortfalls and fund badly needed infrastructural projects.
One must not be an expert in economics to reason that if you claim to have over 3.4 trillion naira, there is no justification for borrowing 2.2 trillion, an amount far below what you have.
The question then is, where are the recovered funds? Is the recovery a mere propaganda as many people have insinuated? Last year, the Chairman, Presidential Advisory Committee Against Corruption, Prof Itse Sagay disclosed that despite recovering stolen Nigerian money, President Buhari might not be able to spend the monies on urgent needs of the country until all legal bottlenecks surrounding the recovered funds are permanently resolved.
How long will it take for these bottlenecks to be sorted out? Eternity? The truth is that Nigerians legitimately deserve to know how the Federal Government had spent or intends to spend the recovered monies.
Should the government have sufficient reasons not to plough the recovered loot into the budget as has been severally suggested , why not invest it in non-oil revenue generating sectors of the economy, particularly the agricultural and solid mineral sectors, which are the key areas needed to drive the economy and create jobs for the teeming populace?
Today, Nigeria has become a dumping ground for all kinds of edible commodities from all parts of the world, including packaged garri from India. I’m sure the $9.2 million recovered from Yakubu can turn around the agriculture sector and save us from this shame.
What about building world class hospitals, equipping our schools, empowering small scale industries with part of the recovered loots? Certainly, the power sector will witness a massive improvement if a reasonable percentage of these monies is genuinely invested in it. Indeed the recovered fund is enough to revamp the economy if properly and sincerely utilized.
Apart from using the recovered funds to turn things around in the country, one thinks it is high time the government began the arduous task of putting in place institutional frameworks that will discourage corruption.
Andrew Yakubu said the $9.2m found in his house came as gifts from people. Painfully, that might be true because the system made it possible.
I allign with some analysts who say that corruption will always thrive in a system that deliberately prices essential , scarce commodities like petroleum products below market prices. The mess currently going on with the CBN forex policy will also soon explode by the fullness of time. The operators know that the system is faulty and they are happily manipulating it.
Most importantly, as long as those involved in the primitive, mindless looting of the treasury continue to go scot- free, we will continue to have more of such looting and the country will go down for it .
Calista Ezeaku
Opinion
Professor Kamene Okonjo: A Life Beyond Motherhood
Quote “Professor Kamene Okonjo
Some women leave behind more t
Yet, to remember Professor Kam
Professor Okonjo was the belov
one of the most dramatic chapt
On December 14, 2012, the then
She leaves behind children, gr
Professor Kamene Okonjo deserv
By: Sylvia ThankGod-Amadi
Opinion
On Ancestrial Worship: My Take
Quote: An African who invokes
This is the concluding part
… Given the fact that I was
At the end of the visit by the
Back to my apartment, at abo
Under normal circumstances, yo
That all she asks is that Chie
For some reason that I do not
I believe that everyone in hu
Our ancestors have not gone fa
By: Jason Osai
Opinion
FG’s Transport Support And Rivers Workers
The Federal Government’s approval of a N70,000 monthly transport intervention for public service workers for six months, beginning in November 2026, offers hope to employees struggling with the rising cost of living. The agreement with the Nigeria Labour Congress (NLC), reached at a conciliation meeting in Abuja on October 27, is intended to cushion transport costs and ease pressure on workers’ incomes. But for public servants in Rivers State, it raises a familiar question: will the State Government key into the intervention and ensure that its workers benefit? The agreement provides for N70,000 monthly across all levels, for six months. The Federal Government also approved peculiar allowance arrears effective from May 1, 2026, to be paid in three equal instalments beginning in November.
The parties agreed to reconvene after one month to assess implementation. Ultimately, the value of these resolutions will be measured not by announcements but by whether eligible workers receive the money. Transport costs consume a substantial share of many civil servants’ earnings before they can meet household needs. Support for commuting is therefore not a luxury or political favour; it is temporary assistance to help workers remain at their jobs without sinking further into hardship. For lower-paid employees, transport costs can turn modest salaries into a daily exercise in difficult choices and sacrifice.
The agreement also urges State and Local Governments to participate and unions to press for implementation. The federal agreement does not automatically guarantee that every State and Local Government employee will receive the support. State authorities must clarify how it will apply to their workforce, make the necessary arrangements and publish a payment timetable. Rivers State must approach the arrangement with urgency and transparency. The Government should State whether it will implement the intervention and when payments will begin. Any administrative or financial question should be addressed promptly with organised labour, not allowed to become excuses for delay.
The concern is sharpened by the earlier N35,000 monthly wage award introduced by the Federal Government in 2023 after petrol subsidy removal. It was intended as temporary relief pending a new national minimum wage. While several States negotiated and paid wage awards or related sums, implementation nationwide was uneven. Reports in 2024 indicated that many States had failed to pay the federal award, while others provided different amounts. In Rivers, labour and media reports raised concerns about implementation of the N35,000 award for State workers, amid separate announcements and arrangements concerning Local Government employees.
The wage award was meant to ease the immediate effects of subsidy removal, yet workers faced uncertainty over whether the promised relief would reach them. In February 2024, the Rivers State Government announced approval of the N35,000 award for local government workers, but subsequent reports showed that implementation across worker categories remained a concern. The lesson is clear: approval and implementation are not the same. A declaration at a meeting offers little comfort to a worker whose account does not reflect the promised payment. For workers who travel to their offices daily, the implications of delayed support are significant. Transportation expenses compete with food, rent, school fees, healthcare and other essential household needs.
As fares rise, employees may be forced to reduce spending on necessities or borrow to sustain their families. A timely transport intervention would therefore provide practical relief and demonstrate that government understands the economic pressures confronting its workforce. Its temporary nature makes prompt implementation even more important. It is fair to acknowledge that this transport intervention is a new agreement and that its administrative details may require clarification. Rivers State should not be condemned in advance for a failure that has not occurred. Nevertheless, the earlier experience gives workers legitimate grounds to seek assurances before the November commencement date. The State should avoid allowing uncertainty to persist until workers begin asking why the promised assistance has not arrived.
The NLC and unions in Rivers State should engage the State Government immediately and seek a written commitment, an implementation plan and a process for reporting missed payments. If clarification from the Federal Government is needed, the State should seek it without abandoning the goal of providing relief. Labour leaders must also keep members informed about progress and insist that any agreed arrangements are applied fairly and transparently. The Rivers State Government should treat this intervention as an opportunity to rebuild confidence. Timely support would show that workers’ welfare is more than a talking point and that the State recognises the economic realities confronting its employees.
Silence, delay or selective implementation, by contrast, would revive frustration over earlier relief measures and weaken trust between government and labour. Every month lost to administrative delay leaves workers facing the same transport burden without the intended assistance. The State should consult labour, publish arrangements and pay eligible workers on time. Rivers workers should not have to wonder whether federal relief will reach them. The Federal Government has announced the support; now the State must make its position clear. We hope the N70,000 monthly transport intervention will not follow the troubling path of the earlier wage award. Rivers State should learn from that experience and ensure that this time, relief is not merely promised but delivered.
Sylvia ThankGod-Amadi
-
Opinion3 days ago
Ancestorial Worship: My Take (1)
-
News11 hours agoFresh Ebola Scare As NCDC Records Two Cases
-
News11 hours ago
Customs Partners EFCC, NDLEA, Others To Tackle Money Laundering, Terrorism Financing
-
Niger Delta10 hours ago
PANDEF Seeks 50% Oil Derivation Allocation Increase
-
Education10 hours agoPAMO MEDICAL UNIVERSITY -Nullifies Arrest warrant on VC
-
Rivers9 hours ago
Don Seeks Repositioning Of Tech Education For Dev
-
Education10 hours agoIAUE MOVES TO END GHOST WORKERS SYNDROME AS 400 NEW NON-TEACHING STAFF UNDERGO MANDATORY ETHICS TRAINING
-
News3 days agoFG Must Address Nigerians’ Concerns On Reforms -Shettima …Warns Against Misuse of AI, Social Media
