We Recovered N152bn Looted Funds in 2021 – Buhari

President Muhammadu Buhari said his government’s anti-corruption drive has led to the recovery of N152 billion between January and December 2021.

The President said other recoveries include, $386 million, 1.1 million pounds and 1.7 million Saudi Riyals.

The President In an interview with Bloomberg said such recoveries were not possible with the previous administration.

”Starting with our whistleblowing policy enacted in my first year in office, hundreds of millions in stolen funds have been returned. Working with our international partners, hundreds of millions of various currencies have been returned from abroad – primarily from the UK, US, and Switzerland – and used as social and welfare funds, distributed directly to the poorest, during the covid pandemic, and the provision of long-delayed infrastructure – roads, bridges, rail, and power.”

As an illustration, monetary recoveries (January-December) 2021 show that more than N152 billion has been recovered.

Dollar recoveries for the year amount to over USD 386 million; GBP, more than 1.1 million; Euro, about 157,000; Saudi Riyals about 1.7 million, some more in digital and other currencies”, he said.

”Those partners refused to return these monies held for decades to previous Nigerian administrations in the certainty that they would simply be re-stolen. They changed their approach with us because they knew my administration could be trusted”, he said.

The President in the interview says his administration leaves Africa’s largest economy in a better place than it was when he was first elected in 2015.

He pointed to the increased investments in infrastructure, recovery of stolen funds and improved security as key achievements.

He also defended the country’s expensive petrol subsidy practice, as he accused western countries of doing the same, while he claimed the country’s rising debt service to revenue ratio was necessary to achieve record investments in infrastructure.

President Buhari also backed the Central Bank’s controversial foreign exchange management, saying there would be no change until the Naira is no longer susceptible to external shocks.

The President also defended his policy to maintain the expensive petrol subsidy, despite the incessant scarcity of the product it has caused, and the impact on the government’s balance sheet.

He says increased local refining capacity, as private players and modular refineries (Dangote Refinery, BUA Group Refinery, Waltersmith Refinery), come on board, will help in the future.

Buhari also said that Nigeria would only seek exchange rate unification after the country has significantly improved domestic production of fuel and food. Without that, “the exchange rate is still susceptible to external shocks, that can suddenly and severely affect Nigerian citizens,” he said.

He highlighted a renewed trust between Nigeria and its traditional western allies, the US and UK, evidenced by the jets acquired from the former and intelligence from the latter that have helped in taming the deadly terrorist group, Boko Haram.

He now however wants the separatist group called the Indigenous People of Biafra, (IPOB), declared as a terrorist organisation.

When asked if he plans to endorse a candidate for President in 2023, he said, “Yes. I will endorse the APC candidate for president.”

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