Peter Obi Commends EFCC Over ₦853bn Recovery, Demands Accountable Use of Funds

Former Labour Party presidential candidate, Peter Obi, has lauded the Economic and Financial Crimes Commission (EFCC) for recovering over ₦853 billion in one year, but insisted that Nigerians must see tangible impact from the recovered funds.

Obi, in a post on his verified X handle on Friday, described the feat as commendable but reminded Nigerians that the amount represented only a fraction of the nation’s stolen wealth.

‘Recovery is good, but Nigerians want results’

“The EFCC’s announcement that ₦853 billion has been recovered from crime proceeds within one year is a step in the right direction,” Obi said.

“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. Beyond this recovery, therefore, 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 former Anambra governor stressed that Nigerians wanted more than figures and press statements.

“Nigerians want to see impact. We must be able to trace where and how these recovered funds are invested,” he said.

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Obi drew attention to Nigeria’s grim poverty and education indices, lamenting that over 20 million children are currently out of school, the highest in the world, while more than 100 million Nigerians live in acute poverty.

“In both cases, it is worse in the North, and all efforts toward reducing the situation remain imperative,” he said.

According to him, proper deployment of recovered funds could break the cycle of poverty, illiteracy, and insecurity threatening the country.

Using the EFCC’s ₦853 billion recovery as a case study, Obi suggested that the money could make a direct impact if invested transparently in education and microcredit.

“For example, the Federal Government’s 2024 operational budget for Universal Basic Education contribution is about ₦251.47 billion. To triple this sum will be an additional ₦503 billion.

“The remaining ₦350 billion can be shared directly with 19 Northern states for lending microcredit to the poor. Most of these states have long been applying for as little as $2 billion of similar funding from our development banks,” he explained.

‘Let this mark a new era of accountability’

Obi warned against mere announcements without measurable results, urging government to ensure every kobo recovered is turned into opportunities for Nigerians.

“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,” he concluded.