Former Labour Party presidential candidate Peter Obi has lauded the Economic and Financial Crimes Commission (EFCC) for recovering over N853 billion in proceeds of crime within a year, describing the move as commendable but only a fraction of what has been siphoned from Nigeria’s treasury. Obi, in a statement posted on his verified X account under the title “Making Recovered Funds Impactful,” argued that while the recovery shows progress, what matters most is how the money will be used to better the lives of ordinary Nigerians. He stressed that accountability and transparency in deploying the recovered funds remain critical to rebuilding public trust.
The former Anambra governor pointed out that the real test of the EFCC’s success lies not just in announcing figures but in ensuring that every kobo is traceable and invested in priority areas such as education, healthcare, and poverty alleviation. According to him, Nigeria currently faces an alarming situation with over 20 million out-of-school children and more than 100 million citizens living in extreme poverty, with the northern region bearing the greatest burden. Obi suggested that a significant portion of the recovered money could be directed into strengthening the Universal Basic Education program, which has an annual federal budget of N251.47 billion. He explained that tripling this allocation with N503 billion from the recovered funds would make a measurable difference, while the remaining N350 billion could be distributed among 19 northern states to provide microcredit loans for the poor, an intervention many of these states have long sought from development banks.
He urged the federal government to ensure that such recoveries go beyond mere announcements and translate into tangible results for Nigerians. For Obi, this is a chance to convert the proceeds of corruption into tools for national development by funding schools, building hospitals, supporting skills acquisition, and breaking cycles of poverty and insecurity. He concluded that turning recovered loot into meaningful development projects would mark the beginning of a new era of accountability and progress, reaffirming his belief that “a New Nigeria is possible.”
