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UNGA: What Recovery Of Looted Funds Will Do For Nigeria – Buhari

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President Muhammadu Buhari has said that the recovery and return of looted funds have the potential to provide resources that will develop the country.

Buhari disclosed this in his address to World leaders at the 76th Session of the high-level General Debate of the UN General Assembly on Friday.

He explained that combating illicit financial flows and ensuring the recovery and return of illicitly acquired assets will provide more funds in this era of the COVID-19 pandemic and beyond.

Buhari stated that corruption has a huge negative impact on the stability, peace, and economic prospects of millions of Nigerians.

Speaking further, Buhari said corruption deprives various governments of resources needed to provide adequate and meaningful sources of livelihood for their citizens.

He, therefore, called on all leaders to demonstrate the much-needed political will in tackling corruption and combating illicit financial flow.

He said: “Combating illicit financial flows and ensuring the recovery and return of illicitly acquired assets have the potential to provide resources in the immediate term for financing development in this era of the COVID-19 pandemic and beyond.

“Similarly, corruption across national borders has a huge negative impact on the stability, peace, and economic prospects of millions, particularly in developing countries.

“It deprives national Governments of resources needed to provide adequate and meaningful sources of livelihood for their citizens. The latter gives rise to more irregular migration patterns, with unwholesome consequences for inter-state and human relations.

“I, therefore, call on all leaders to demonstrate the much-needed political will by supporting the recommendations for systemic reforms made by the FACTI Panel.

We support establishing modalities for a global coordination mechanism at the United Nations Economic and Social Council to systematically monitor illicit financial flows and strengthen financial integrity for sustainable development, with the participation of all relevant stakeholders.”

Ige Olugbenga is a fine-grained journalist. He loves the smell of a good lead and has a penchant for finding out something nobody else knows. Gbenga is an alumnus of the prestigious Adekunle Ajasin University, Ondo State and The Polytechnic, Ibadan.