Several allegedly stolen funds have been recovered by Nigeria’s anti-grant agency since the government promised to give 5% of recovered loot to anyone that provided the information that led to the recovery.

From the discovery of $9.8 million hidden in a slum in Kaduna belonging to the former boss of the Nigerian National Petroleum Corporation, Andrew Yakubu, to the $50 million found in an apartment in Ikoyi, Nigerians have continued to wonder where the monies are.

In a post-spring meeting interview in Washington DC, U.S.A., the Minister of Finance, Mrs Kemi Adeosun, said "all the recovered stolen money goes into a Central Recovery Account under the supervision of the Accountant-General".

looted money, Andrew Yakubu

Billions of Naira have been recovered, but it seems that the persons that provided the information that led to the recovery will have to wait before they get their percentage as promised, as the Minister gave an indication that there is yet to be a legal backing for their cut. 

"On whistleblowing, what we have now is a Federal Executive Council (FEC)-approved Policy. We have forwarded the draft ‘Whistleblower law’ to the National Assembly and it is awaiting passage.

“While we wait for the National Assembly to pass the “Whistleblower law”, our intention is that the FEC-approved Policy will serve as a Stop-gap,” she said.

Critical Success Factor

The Finance Minister also gave a hint about what the government was doing to reflate the economy that is in recession.

Mrs Adeosun told reporters that the economy would bounce back, highlighting that the power sector that is considered as a critical success factor for Nigeria’s economy is receiving needed push.

According to her, the Nigerian delegation had a productive meeting with the World Bank, International Monetary Fund (IMF), African Development Bank (AfDB) Group and International Finance Corporation (IFC) on Nigeria’s Power Sector Recovery Plan.

“Power is a critical success factor for Nigeria’s economy. If there is one thing that will drive growth, it is steady power supply.

“On Capital Projects, we have now spent about 1.2 trillion Naira of the 2016 budget on capital projects. We hope to do more in the 2017 Budget.

“I liken our Infrastructure and Social Investment spending to laying a foundation. At this stage things seem quiet, and then suddenly you start seeing impact.

“We are now moving into a phase where we will see the tangible impact of our work so far, in terms of job creation, prosperity and growth,” the Minister added.

Others in the delegation were the Ministers of Budget and National Planning, Federal Ministry of Power, Works and Housing, Federal Ministry of Water Resources, Governor of Central Bank of Nigeria, Director General of Debt Management Office and others had a successful outing at the meetings.