Nigeria discloses amount recovered from looters, says funds can’t revive economy

President Muhammadu Buhari (Photo credit: www.ibtimes.co.uk)
President Muhammadu Buhari (Photo credit: www.ibtimes.co.uk)

The Minister of Information and Culture, Lai Mohammed, has explained that the looted fund recovered so far by government is a far cry from what the country needs to revive the economy.

The minister said this on Friday when he appeared on a News Agency of Nigeria (NAN) Forum in Abuja.

According to him, the amount of money recovered is always being made public.

“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.’’

Mr. Mohammed assured Nigerians that every penny recovered will be judiciously spent and nobody could re-loot what had been recovered under the administration.

The minister further explained that Nigerians should understand that what had been recovered was so little compared to what the people needed on a continuous basis.

On budget release, he recalled that the Federal Ministry of Finance released N400 billion for capital projects, mostly on roads, railway, and power.

“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.

Mr. Mohammed said what the government owed the contractors was about N2 trillion. (NAN)

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  • Dagashhh

    Where is the disclosure? He is not even sure if his ‘record is right’.

    • simon tor gideon

      Some of you with jaundiced and bias mind will always look at loopholes rather than facts as if that will put food on your table.Kai, why is it difficult to rule over this animal called human being with all the senses God has bestowed upon him above all other creations?

      • Ade Omowest

        They are feeling the pains of the plugging of the leaking holes from the honey pots. The Chief Looters will react through the sponsored e-rats like Otile, emmanuel, Dagashhh etc. Who are being paid remnants monthly. Do not take them serious, they will soon fade off the internet space as soon as the “egunje” stops.

        • Karl Imom

          Only fools would think that Nigerian economy could be brought to a recession in ONE year. Those are happy by the collapse of the economy are people whose relatives participated in massive looting under PDP for 16 years. No matter how harsh the recession, PDP still has NO chance of ever ruling Nigeria again.

          • Solomon Brown

            I don’t know who is more out of touch between you and MB, the cries of the ordinary man on the streets can be heard thousands of kilometers away, folks who played no part in the looting. You guys had better get on your A game, and stop with the cheap propaganda and blame game.

          • Ade Omowest

            Get serious and use your brain, think objectively and stop your hatred for the incumbent. Where were you and other disgruntled big mouthed armchair critics when the previous government was destroying the economic foundation, despite the warning issued to the former president by his Minister of Finance Okonjo-Iweala that he should stop the squandering of the resources? Instead of abiding, the Clueless one was distributing hard-currencies to the party chiefs allover the Nation. The result is the present painful recession.

          • Bulldozer

            #buharimustgo

          • Solomon Brown

            Pose that question to Amaechi and co.

          • Ade Omowest

            Was Amaechi in charge of Excess Crude Account (ECA) or National Savings? The 36 governors had to revolt when they realized the Nation Wealth Keeper (GEJ) was messing-up the funds (the National assets) and spending the resources to get his party’s nomination and position his PDP to win the elections by all means. The economy is in recession right now due to the mismanagement of the past and efforts are being done to diversify the economy, expand it to reduce reliance on the mono income (OIL); these take time and perseverance as Rome was not built in a day.

          • Koko boy

            Idiots without the benefit of history will only spew out rubbish exposing their inept and grossly insufficient knowledge. Where were u also when the state governors ganged up to drag the Fed govt to court to share and squander the excess crude and sovereign wealth fund despite warnings from the then minister of Finance?

        • Bulldozer

          Nigerians must wake up. These people have no plan at all. There is no hope and no way out. We are stocked.

  • SUNNY

    Relying on “looted fund” to revive economy? No ‘SMART’ plans here sir.

    • Karl Imom

      No problem with the looters?

  • Martins

    Comical Lai Muhammed, where are the masquerade jobs that will create thousands of job opportunities? Lies can only get you this far! Now you claim contractors were not paid for 3-4years, so they worked free of charge all this while for the past administration? You guys are a complete disgrace to mankind.

    • Funtain

      No, he means GEJ should have made upfront payment for jobs yet to be executed/completed or jobs that APC Government would later awaRd.

  • Otile

    Wallahi. It is one thing to make mouth and blame others, but it is another thing to lead. Nigeria cannot get out of this man-made quagmire by dwelling in blaming past administration, incompetence, nepotism, and pigheadedness. Buhari must bury arrogance, hate and tribalism in order to move Nigeria forward. Staffing important arms of government with his illiterate incompetent relative and pretentious praise-singers will only draw the country backward further.

    • Mufu Ola

      U’re & your gang are the ones spreading hatred. If everybody stops looking issues rationally without tribe,religious or other obnoxious angles we shall all be ok for it.

      • Bulldozer

        #buharimustgo

  • sanusi

    HOW CAN A SERIOUS NATION SPEND 165BILLION MONTHLY ON CIVIL SERVANTS WHO CONTRIBUTE NEXT TO NOTHING AND CONSTITUTE LESS THAN 1% OF THE POPULATION, AT THE SAME TIME ACCOUNT FOR 75% OF OUR PROBLEMS??? U GUYS DONT UNDERSTAND THE TRUE MEANING OF RECESSION, LETS HOPE WE’D STILL BE ALIVE WHEN U GUYS GET THE “MEMO”…DOING THE SAME THING AND EXPECTING DIFFERENT RESULT IS CALLED MADNESS!

    • oleka

      Agree. Buhari had promised to trim down size of government and close many parastatals (he said there were over 700 parastatals), but he did none of that. They have absolutely no idea what governance or developmental infrastructure is. Their only hope before taking over government was that oil would be following 2.5 million barrels a day at $120 a barrel. Suppose we didn’t have oil like many other African countries? Even Haiti would be more developed than Nigeria.

  • Jerry

    the truth is that Mr lai mohammed has gotten himself into a quagmire. this present government with their present policies and programs are indefensible, period. Lai mohammed that has over the years built a reputation as a spin doctor can no longer spin because he has ran out of bowls. Biko today is Friday, let me go and sip one bottle of stout, after all am not the one that made Nigeria economy to enter into recession.

  • Naijabuffs.com

    Improvements will be noticed on the Labour Market after this rainy season. Those contractors handling different projects around the country will re-hire the laid-off staffs , hire new ones etc by first quarter of next year.

  • Nobody’sPuppet

    True??? This liar Mohammed is trying to convince the world that nobody can re-loot the recovered loot. Since it can’t revive the economy the next option is to re- loot it. They no longer send stolen money to bank. All the state governors, legislators and politicians now have underground safe havens in their offices/ homes.

    • Lovelagos

      Makes you wonder if all the looting was shifted to the CBN?

  • Olori Magege

    I don’t believe this figure. All the fight on corruption and the hullabaloo can’t just be for 76 billion naira. Lai is at it again

    • Karl Imom

      I believe him. The 76 Billion Naira is from small thieves who volunteered to return their loot without a fight. Big time thieves such as Saraki, Dasuki, Dukpesi, Akpabio, Suswam, Jide Omokore, Jimo Ibrahim, Oliver Metu, Fani Kayode, Diezani K. Alison-Madueke and Co have used criminal lawyers like Ricky Tarfa to tie-up their cases in courts.

      • Solomon Brown

        Didn’t Metuh return his loot and pledged to support the fight against corruption? The problem is you guys lie too much, it’s hard to believe you guys even for a second.

      • ochon

        Metuh was alleged to have collected #400m from dasuki and you call him a big thief but in this current economic doldrum your president spent #64b globetrotting with no result and you are spewing trash. Can Nigerians ever wake up from this spell?

  • abdul dull daura

    Buhari is the present problem of Nigeria.

    • Karl Imom

      Get lost!! Where were you when PDP went on bazaar sharing public funds directly from the Central Bank of Nigeria>

      • Truth Justice Equity

        Buhari is a calamity woven inside propaganda ,lies,falsehoods and deciet.very soon even the most blinded folks like you will regret your hatred of Jonathan.

      • Koko boy

        You mean the same PDP that are now APC members? I just wish ur excuses will put food on the table of the common man….Ignoramus personified.

      • abdul dull daura

        You have forgotten that the stolen funds were generated by somebody. We will live a better life if Almajiri King can generate reasonable income. Our problem is income generation and not the stolen funds.

        • Karl Imom

          How do you keep the income generated if theft of pubic funds is NOT an issue in your opinion?

          • abdul dull daura

            Sale the National assets, remove the Federal Character. Privatise. You will reduce corruption.

  • St

    Na wa for Lai, he should have just watched Adeosun presentation to the senate on YouTube…. Thought they’ve reduced it to 70billion Naira..abi him get plan for d rest?.. God Bless Nigeria

  • tope fasua

    what an anticlimax. so we should no longer hope in the magic of the anticorruption and recovery efforts? and all the trillions we expected. anyway dia ris God

  • vTrigger

    I’m waiting for the government to tell us our economic loss and damages caused by incompetency of the current administration. You over blew your whistle and scared investors away, you destroyed the financial sector and bankrupted many companies, educational sector and healthcare system. Even Agric sector is now a no go area for farmers who have been deprived smooth delivery of fertilizers…Power shortage, unemployment and many other problems at 29 year high.
    What else can be worst in governance? Can anyone tell us the loss in figures?

  • Edim Asekong

    But in an interview with Amanpour of CNN, just before his swearing in, Buhari when asked about how he intends to run the Nigerian economy in the face of dwindling revenue answered by say ” I will use the money recovered from looters to develop Nigeria”. Now that we’re hearing a different story does it mean that there was no loot to be recovered in the first place? Or that true to type Buhari & his party where exaggerating just to win elections? Troubling.

  • Realitytalk

    By the grace of God, soon all the money will be channels to the right place to elevate the youths and Nigerians from the poverty and problems inherited in the land, we shall get there soon

    • Truth Justice Equity

      That’s when you wake up from your self induced amnesia, if you will ever wake up.

      • No Bull …..

        Self induced amnesia could also apply to your position. You are trying to overlook the mess Buhari inherited.

        • Koko boy

          You are not sincere when you claim Buhari inherited a mess, what about the gains he inherited? His job was to fix the country and not make it worse and feed us with excuses upon excuses. You people can continue to make excuses for him till things get out of hand.

    • Lovelagos

      Unfortunately the recovered “loot” is peanuts compared what they promised us.

      They promised 100s of billions of dollars, and all they recovered is around 200 million dollars which is nothing for a country like nigeria.

      Yet for those 200 million dollars, the country must have lost 100 billion dollars in growth, Economic activity, investments, jobs, etc..

      Extremely painful times

  • Anyi Madu

    Mr. Mohammed, when you bear such a name revered by billions of people, you would be expected to speak only the truth. Thank you for telling Nigerians the amount recovered. It appears too small compared to the effort put in. Can you take another step and publish the names of who we recovered from, the date and the amount? Since you claim it’s been published and some of us couldn’t read newspapers on that day, those read can at least certify the figures. If there be an omission, we’d know. Thanks for your cooperation.

  • Truth Justice Equity

    This is terrible,
    I am sure that by now ,yorubas should be cursing awolowo in his grave for bewitching them with a backstabbing treacherous spirit that made them to vote for a calamity as President of Nigeria.
    Government of almajiri somersaults, inconsistent, incompetent, blind leadership.
    It is becoming increasingly very clear even to the blind and the most ardent saibaberians that buhari have no single idea about governance, buhari emergence have disjointed Nigeria in every material aspect. To me all the talks about buharis effective management and blocking of loopholes are hogwash and highly crafted lies aimed at distracting Nigerians from marking buhari bumper to bumper, while the government engages in the worst form of corrupt businesses as usual.
    Lies ,falsehoods and propaganda can’t endure for a long time, only truth is consistently constant and permanent.The highly crafted lies,propaganda and media blitz holding this bankrupt government are giving ways with the speed of light. The results from all sectors of Nigeria after a whole year of buharis so called effective management and anti corruption , points to a heavy decline in all hitherto positive indexes , a downwards spiraling of our economic indexes,and the growth of the most formidable corruption ever seen in Nigeria.
    Not minding the highly crafted lies and propaganda, buhari have shown himself to be naive,incompetent, ignorant, myopic, uninformed, weak,tired,demented,lacking in doing justice and completely overwhelmed in matters of leadership .To make matters worst,buhari out of malice,hate bigotry,nepotism ,have surrounded himself with the worst assemblage of almajiri imbeciles, mental dwarfs and hollow minded free education products and silent crooks to run the affairs of Nigeria. The best thing for buhari to do now after bankrupting Nigeria, is for him to respect himself and his old age and resign with a national apology .if buhari has any atom of integrity left in him,he must tender his resignation letter forthwith with a deserving apology and not allow Nigeria any further pain,sorrow, anguish and death arising from his bankrupt ,calamitous ineptitude government.
    May God punish all those who conspired to impose this suffering on Nigeria under the guise and propaganda of ‘change’.May God never allow this kind of leadership disaster to ever come to Nigeria again.

  • Suleiman

    But why should any body in their right senses believe anything this government says? We waited for six moths for a cabinet to be formed and what did we get? We got a bunch of crooks, nonentities and corrupt people as the so-called saints, people who can’t function or make a difference. Once the head is corrupt, the rest of the body is corrupt. When the head is incompetent, the whole body is incompetent. Please name one competent person serving as a minister in Buhari’s cabinet. They keep blaming the PDP yet they have nothing to show by way of correcting the so-called problems created by the PDP. Buhari spent 1984 and 85 blaming Shagari for the problems NPN created until he was flushed out for good, because the country was grinding to a halt. We are at that stage again when the country is grinding to a halt. Most of those who were hyping Mr. Buhari are now running for cover. This man is grossly incompetent and cannot lead this country. The only reason why he kept wanting to be president was simply because one Gen. Matthew Aremu Olusegun Obasanjo was president after being a military head of state. It was a soldier competition and not the interest of Nigeria. This is the only reason why Obasanjo and all the ex-generals supported him. The military has never been interested in developing this country. They destroyed the country and continue to destroy it. So Nigerians should use their heads rather than be carried by the emotions that Buhari can fix things. He cannot fix anything, neither does he have the ability to do so.

  • Truth Justice Equity

    Only shameless children of Judas Iscariot race,the bewitched free education products,the landmark Judas kiss specialists, those liars who believed that their progenitor odu fell down from the sky,the chameleons etc are capable of believing this shameless assertion of a chronic old liar.if not that the Judas race are suffering from awolowo afflicted amnesia ,they would have asked liar mohamed about the billions of dollars he ,buhari and AGF said they recovered .a government that went to America and returned with a highly crafted lies that they have recovered $150b from awolowo and even the AGF at a time lied that efcc have recovered $2 trillion from his shadows.Now that Nigerians are demanding that the recovered billions of dollars be put to use instead of borrowing billions of dollars ,liar Mohammed have come up with another k leg story of 78b naira recovery.
    Shame to this integrity deficient government.APC is a congregation of liars,deceitful hypocrites,,chameleons, shameless bigots and irredeemable irresponsibles thinking that their lies and falsehoods have eroded the memories of citizens of Nigeria. Shame on them for bankrupting Nigeria so soon.No responsible citizen will ever believe this integrity deficient government again.
    Some body should warn these liars that if they continue to pin Nigeria to the ground,very soon ,Nigerians shall have no other options than to struggle against them for Nigerians to survive .this is the worst chapter of leadership to ever open to Nigeria. May God save our nation through the remainig 2 years and 7 months of this calamitous ineptitude.

  • isaav

    Why all the wasted time and money trying to chase kobos instead of planning for a rugged economy???!!!

  • Aremu Mathew Okikiolu

    Please, Nigerians deserve a breakdown of the recovered funds and the list of looters. The information Minister is vague and obscure in his assertion.