Teaching Comparative Government and Politics

Tuesday, June 07, 2016

Bringing back profits of corruption

Nigeria's government claims to have recovered enough money from past corruption to cover about 30% of the national budget. Will it help?

Nigeria Says It Has Recovered $9.1 Billion in Stolen Money and Assets
Nigeria's government has recovered $9.1 billion in stolen money and assets, its information and culture minister said…

President Muhammadu Buhari, elected last year largely on his vow to fight corruption, has vowed to recover "mind-boggling" sums of money stolen from the oil sector and said public coffers were "virtually empty" when he took office last May…

In a statement, Information Minister Lai Mohammed said cash and assets recovered between May 29 last year, when Buhari took office, and May 25 this year totaled $9.1 billion…

"All these are monies recovered from individuals and entities who had either hidden, stolen, diverted or were in possession of monies belonging to the nation," the minister's special adviser, Segun Adeyemi, told Reuters…

The ministry also said a total of $321 million was yet to be recovered from Nigerians in Switzerland, the Britain, the United States and the United Arab Emirates or their assets held in those countries…

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