Rt. Hon. Benjamin Okezie Kalu, the Deputy Speaker, has emphasized the importance of redirecting dormant resources, particularly recovered public funds, to invigorate the economy and foster job creation.
Kalu made this statement on Monday while inaugurating the initial session of the House adhoc committee on “Identification and Recovery of Public Funds Seized, Forfeited, and Abandoned in Financial Institutions and Government Agencies to Improve the Current Economic Challenges in Nigeria.” The committee, led by Hon. Munachim Alozie in lieu of the Speaker of the House, Rt. Hon. Tajudeen Abbas, seeks to explore ways to address economic challenges.
Kalu stated, “Our objective is clear: to formulate a comprehensive strategy that identifies, recovers, and channels dormant funds into productive ventures. These untapped resources carry the potential to rejuvenate our struggling economy, paving the way for growth, development, and prosperity accessible to all Nigerians.”
He acknowledged the multifaceted nature of Nigeria’s economic landscape, characterized by challenges such as declining revenues, infrastructure gaps, unemployment, and inflation. Kalu urged the committee to remain steadfast in its pursuit of transparency, accountability, and diligence as they navigate complex financial systems, legal intricacies, and bureaucratic complexities.
Despite the apparent complexity of the task, Kalu emphasized the necessity of collective expertise to devise innovative solutions. He advocated for collaboration among financial institutions, government bodies, legal entities, and the private sector as a critical compass in achieving the committee’s objectives. Kalu noted that the committee’s role is transformative in fostering accountability, trust between the government and its citizens, and optimizing the real-time value of recovered public funds to rejuvenate the economy and prevent the stagnation of resources.
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In conclusion, Kalu affirmed the committee’s commitment to addressing these challenges and contributing to the revitalization of Nigeria’s economic landscape through informed decisions and cohesive efforts
