All ears have been on ground waiting for the Federal government to disclose the amount of recovered loot that have so far been brought back into the national purse by the Muhammadu Buhari-led government.
Finally, Lai Mohammed, the minister of information, has made the long-awaited revelation, stating that the recovered loot cannot rescue the economy of Nigeria as it is nothing compared to what the country needs to revive the economy.
“What we have recovered and if my record is right is about N78 billion, and 3 million dollars.
“We have been able to block various accounts in which about 9 billion dollar is found but those are not money available to us because we are still in court over them.
“The government spends N165 billion every month to pay federal civil servants, even what has been so far recovered will not even pay 50 per cent of the salaries in a month.’’
He went on to explain that Nigerians should understand that what has been recovered was very insignificant compared to what is needed by the people on a regular basis. His words:
“N400 billion seems a lot, but you must also understand that for three or four years contractors were not paid. So, when we paid this money to contractors, they also use part of it to settle their own debt, they use part of it to recall laid off staff.
“But the truth of the matter is that many of them have been paid, they are yet to mobilise to site and they cannot do so until the rains are over.”
Nigerians believe there is need for efforts to be doubled up in recovering stolen funds stashed away in foreign countries, especially in the face of the biting economic crunch present in the nation, resulting from low oil prices, attacks by Niger Delta militants and foreign currency shortages.