President Muhammadu Buhari says around $386 million was
recovered in 2021 through the whistleblowing policy enacted by his
administration in attempts to repatriate looted funds back into the country,
and curb corruption.
Buhari said this on Tuesday in an interview with Bloomberg.
Buhari spoke on the performance of his administration in the
area of economic growth, security, and corruption since 2015 when he was
elected president.
He said through the whistleblowing policy, established in
the first year of his government, hundreds of millions in stolen funds have
been returned to Nigeria.
He said the recovered funds were reinvested in infrastructure
development and social welfare.
“As an illustration, monetary recoveries (January-December)
2021 show that more [than] N152 billion has been recovered. Dollar recoveries
for the year amount to over USD 386 million; GBP, more than 1.1 million; Euro,
about 157,000; Saudi Riyals about 1.7 million some more in Digital and other
currencies,” Buhari said.
“Working with our international partners, hundreds of
millions of various currencies have been returned from abroad – primarily from
the UK, US, and Switzerland – and used as social and welfare funds distributed
directly to the poorest during the Covid pandemic and the provision of
long-delayed infrastructure — roads, bridges, rail, and power.
“Those partners refused to return these monies held for
decades to previous Nigerian administrations in the certainty they would simply
be re-stolen. They changed their approach with us because they knew my
administration could be trusted.”
Responding to questions on food security, and inflation,
which currently stands at 17 percent, Buhari said despite programmes to boost
domestic production, Nigeria still does not grow enough.
He, however, said initiatives such as the Nigeria anchor
borrower’s programme has boosted rice production to 9 million metric tonnes in
2021 from around 5.4 million metric tonnes in 2015; adding that production
outstripped pre-2015 levels, “even in the years of drought.”
“Imports have fallen to near zero. We are making progress,” Buhari
said.
“Against these
advances, international trade remains rigged against food security in Africa.
The EU’s policies in particular are all rhetoric of open trade – yet their
common agricultural policy subsidy programmes and export of those subsidized
goods create dependence, undermine Africa’s self-sufficiency, and cause food
poverty and starvation.
“If only out of enlightened self-interest the West – and
particularly Europe – must step up. The moral if not economic case for doing so
is unarguable. Do nothing, and more migrants from across the Sahel will attempt
dangerous journeys to reach Europe.”
On controlling the incessant borrowing of his
administration, he argued that a narrow focus on debt misses the point.
According to Buhari, what it fills is Nigeria’s longstanding
infrastructure deficit by constructing a foundation for sustainable growth —
spreading opportunity to ensure no part of the country is left behind.
Buhari, who described infrastructure developments under his
leadership as “most ambitious since Nigeria’s independence”, he said over 800
federal roads are being constructed or undergoing rehabilitation and 650km of
rail line have been laid, helping alleviate food inflation pressures, given
most food is produced in the north.
“Had the infrastructure gap not been filled, it will only
grow, become more costly to repair what little we have while lacking more on
infrastructure on which to build growth, negatively impacting progress towards
UN Sustainable Development Goals,” he said.
Further speaking on boosting tax collection, Buhari, whose
tenure will end next year, said while Nigeria is the largest economy in Africa,
translating that wealth into revenue generation is challenging.
“We raised VAT in 2020, and the IMF wanted us to raise it
further, but this is a complex issue that cannot be addressed by tax hikes
alone. Around 80 percent of Nigerians work in the so-called informal economy –
a situation exacerbated by the pandemic. It is difficult to tax the informally
employed, and no country has yet found an adequate solution,” he said.
“Still, we are
striving to find one, including the roll-out of a national ID card which has
grown from 7 million in 2015 to between 90-100 million today – including a tax
code and, at the same time, combined with access to various government
services.”
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