Nigeria News

Where Are The Recovered Funds And Customs’ Trillion Naira?

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Nigeria News takes a look at the revenue generated by the current government and questions on how the funds are spent.

The ban on commercial motorcyclists by former Lagos State Governor Babatunde Fashola nearly collapsed the motorbike assembly business in the state a few years ago.

Most of the “Okada operators” found solace in tricycle, which of course was also the product from the same company.

About six years ago, a tricycle cost about N350, 000 from the factory. It was affordable for many okada riders who had been thrown out of business by the state government.  

At that time, a dollar was equivalent to about N110. Within a short time that Fashola banned “Okada”, there was influx of “Keke Marwa” on Lagos roads.

The case is not the same at present. A petrol engine tricycle now costs about N700, 000 while a dieselengine tricycle goes for about a million, according to findings.

This is due to poor Forex that does not favour Nigeria at present as a result of wrong economic policy by the present administration.

A dollar is over N350, making it tough for businessmen to operate favourably in this current economy.

In spite of the economic recession, it has been observed that this administration has generated more revenue than the past and previous ones.

The Federal Inland Revenue Service is more efficient in the area of tax drive as it rakes in billions of naira every month.

The Nigeria Customs Service made N2.03 trillion in 2017 and by December 2018, it increased the income to N1.13 trillion.

The customs confiscated billion naira illegally imported goods of which rice was part of it. The seized rice and other edible foods had since been distributed as relief materials to the camps of the Internally Displaced Persons in some parts of the country.

Just about two weeks ago, the Joint Admission and Matriculation Board announced N9billion revenue despite that it is not a money making agency.

Over the years, this government has recovered billions of naira looted by the past administration, including Abacha loots.

The Economic and Financial Crimes Commission has recovered assets and money from individuals, many of which were forfeited to the government.

Where are these funds and how has the government been spending the revenue generated by the various parastatals?

Yes, there are some popular projects that were started by the past administration, which the current regime is trying to finish, the amount of money that this government is making is far bigger than the projects it is implementing.

That is why, the submission of the senior lawyer, Femi Falana that the looted and recovered funds were being re-looted by a small clique in this administration should not be treated lightly.

Nigerians pushed out the past administration out because of the high level of impunity. Then, hundreds of Nigerians shared the public funds to finance the 2015 election. Now, it is about five people stashing the public funds to secure second term for Buhari.

Yet, we shout, “Our president is a man of integrity.” President Buhari is not as strong as we may think, his weakness lies in his inability to call some members of his cabinet to order. There is still corruption in high places.

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