The Labour Party’s 2023 presidential candidate, Peter Obi, says the ₦853 billion recovered by the Economic and Financial Crimes Commission (EFCC) is a tiny fraction of the massive funds looted by Nigerian political leaders.

Mr Obi commended the EFCC for the recovery, which he said was a step in the right direction, but said, “Nigerians want to see impact. We must be able to trace where and how these recovered funds are invested.”

“The commission deserves our commendation for this effort, even though we are aware it’s just a tiny fraction of the funds looted from the public treasury by the leaders,” the former Anambra governor said in a statement on Friday.

The EFCC had announced the recovered funds, saying the figures were not just numbers but represented deterrence, restitution, and a firm statement that corruption would not be tolerated in the country.

Mr Obi said the funds should not be about the announcement of recovery alone, urging accountable utilisation of the funds in critical areas of development.

“Let this not just be another announcement of recovery. Let it be the beginning of a new era of accountability, where every kobo retrieved is turned into classrooms, hospitals, skills, and opportunities for ordinary Nigerians,” the politician advised.

Citing the number of out-of-school children in the country, the former Anambra governor said the funds and subsequent ones, if well invested, could break the cycle of poverty, illiteracy, and insecurity, especially in the north.

“Currently, we have over 20 million out-of-school children in the country, the highest in the world. Similarly, we have the highest number of acute poor in the world, over a hundred million.

“In both cases, it is worse in the north, and all efforts toward reducing the situation remain imperative. If these recovered funds and subsequent ones are strategically invested, they would immensely contribute to breaking the cycle of poverty, illiteracy, and insecurity,” he said.