Peter Obi Hails EFCC Over ₦853bn Recovery, Urges Accountable Use for Education, Health and Poverty Alleviation

Former Labour Party presidential candidate in the 2023 general election, Peter Obi, has commended the Economic and Financial Crimes Commission (EFCC) for recovering more than ₦853 billion in alleged proceeds of crime within one year.

Obi, in a statement on his verified X handle (formerly Twitter) on Friday, described the recovery as a step in the right direction. However, he stressed that the amount represented only a tiny fraction of the nation’s looted wealth.

Calls for Accountable Utilisation

The former Anambra governor noted that beyond the announcement, Nigerians want to see transparency in the utilisation of the recovered funds. He urged that the money be strategically invested in health, education, and poverty alleviation, areas he described as critical to national development.

“The EFCC’s announcement that ₦853 billion has been recovered is a step in the right direction. The Commission deserves commendation. But beyond this recovery, what truly matters is verifiable and accountable utilisation of these funds in critical areas of development,” Obi said.

He added that Nigeria currently has over 20 million out-of-school children, the highest in the world, and over 100 million citizens living in extreme poverty, figures that are even worse in the North.

Proposal on How Funds Should Be Used

Obi suggested that the recovered funds could significantly change the nation’s development landscape if used wisely.

• He noted that the 2024 Federal Government budget for Universal Basic Education (UBE) is ₦251.47 billion, and tripling it would require an additional ₦503 billion.
• The remaining ₦350 billion, he said, could be distributed across the 19 Northern states as microcredit to support the poor, adding that many states have long been requesting such funding from development banks.

Demand for Accountability

Obi urged the government not to let the recovery announcement be another routine news item but the start of a new era of accountability.

“Every kobo recovered must be turned into classrooms, hospitals, skills, and opportunities for ordinary Nigerians,” he said.