Prof. Itse Sagay, Chairman of the Presidential Advisory Committee Against Corruption (PACAC), has disclosed that over N1 trillion stolen from government treasury has been recovered. He clarified that the recovered fund is exclusive of the cash and property stashed abroad and recovered, he added.
Sagay who spoke with reporters after a meeting with President Muhammadu Buhari assured that N5 trillion government funds in the hands of big time delinquent borrowers would be recovered.
He said the recovered funds were being ploughed back into the national budget
For instance, he said funds for the Social Investment Programmes (SIPs) were sourced from the recovered loot.
He said: “I think the money so far recovered is roughly almost about N1 trillion. You (can) see that in 2017, N500 billion was spent on this Social Investment Programme and in 2018 the same amount (was budgeted) for the programme.
“So, it must be roughly about N1 trillion although we also have monies that were recovered from abroad and being ploughed back into the same system.” he said
He declared that corruption had been reduced in the country. The committee, he said, stopped the N400 billion yearly loss to fake fuel subsidy.
“In the area of recoveries, I don’t need to tell anybody, it is unprecedented in the annals of this country that we could be recovering so much assets illegally acquired mainly by public servants but not only by public servants.
“And the more remarkable aspect of it is that this recovered loot is being ploughed into the national budget every year. It is ploughed back into the national budget and used for the Social Investment Programme (SIP).
“So, when you hear about feeding of over 12 million school children as at when I checked last having nutritious meal every day, you hear of poor families being supported to survive and stand on their feet or over 500,000 young people who are being trained in all sorts of skills and paid N30,000 a month by the government and the interest free loans given to small scale businesses all over the country.
“It’s all part of this money, not a kobo of it is left, everything is ploughed back and I think the country should know that, it’s very unprecedented, this never happened before in the history of this country, everything is ploughed back.
“Then, we have succeeded in improving the quality of prosecution by giving the anti-corruption agencies a lot of capacity building, train them in the manner cases should be prosecuted and how charges should be drawn. Judges up to the Supreme Court have also benefitted from this programme.” he said
Sagay added: “In the area of corruption, you will be surprised if you think back that nobody talks about fuel subsidy corruption anymore. Previously we were losing almost N400 billion every year on fake fuel subsidy payments but now, it is zero.