The Speaker of the House of Representatives, Hon. Tajudeen Abbas, on Monday, underscored the need for the country to plough back dormant resources in the form of recovered public funds to boost the economy and create employment.
The Speaker gave the charge during the flag-off of the investigative hearing on ‘identification and recovery of public funds seized, forfeited and abandoned in Financial Institutions and Government Agencies to improve the current economic challenges in Nigeria’ chaired by Hon. Munachim Alozie.
To this end, the House solicited the support of various anti-graft agencies and stakeholders including Independent Corrupt Practices and other related Offences (ICPC), Nigerian Financial Intelligence Unit (NFIU) towards achieving the feat.
Hon. Abbas who was represented by his Deputy, Hon. Benjamin Kalu said: “Our mission is unequivocal: to craft a comprehensive strategy that identifies, recovers, and channels idle funds into productive endeavors.
These dormant resources possess the potential to reinvigorate our struggling economy, creating avenues for growth, development, and prosperity that resonate with every Nigerian.
“Our economic landscape is multi-dimensional, replete with challenges ranging from dwindling revenues and infrastructure gaps to unemployment and inflation. As we embark on our mandate, let us bear in mind that our decisions will echo across the lives of fellow citizens, especially those most affected by these adversities.
Our unwavering dedication to transparency, accountability, and diligence is non-negotiable as we navigate through intricate financial systems, legal intricacies, and bureaucratic entanglements.”
“Though the task ahead may appear formidable, the Speaker said it needed the collective expertise of all to bring innovative solutions.
He further stated that collaboration among financial institutions, government bodies, legal entities, and the private sector was a necessary compass towards realizing the objectives, stressing that the committee had the task of optimizing the real-time value of recovered public funds to reinvigorate our economy.
“Additionally, this Ad-hoc Committee’s role is not only paramount but transformative in three aspects: first, ensuring accountability and transparency; second, establishing trust between the government and its people; and third, optimizing the real-time value of recovered public funds to reinvigorate our economy, thereby preventing ‘dead capital’,” he said.
On his part, Hon. Alozie who explained that the Ad-hoc Committee was mandated to identify and recover the public fund, solicited for the cooperation of all the stakeholders in achieving the feat.
“Are there funds seized, forfeited and or abandoned in Financial Institutions and Government Agencies? This Ad-hoc Committee is to appraise the Federal Government’s current policy framework, to ascertain; who authorized the seizures; who keeps the seized funds and for what duration; the statement of account; measures to curb revenue losses; to identify and analyze all funds trapped commercial banks; and funds recovered by CBN, EFCC, NFIU and other Agencies.
“As experts in your various endeavours, your exceptional skill, experience and wisdom is required at this point. Nigerians are eagerly waiting to read the news of the outcome of this committee and if these funds are eventually recovered, new life will be born of our dwindling economy and when put to use will accelerate the development of the country, opportunities will be created for better and prosperous Nigerians.
“Even so, our mandate seems complex and challenging, but we shall write our name in gold by navigating to the end with diligence, dedication and commitment,” he noted.
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