Looted Funds Are Efficiently, Transparently Put To Use — APC

The All Progressives Congress (APC), Legacy Awareness and Campaign Group, has assured Nigerians that recovered government looted funds were secure and are being efficiently and transparently put to use.

Tolu Ogunlesi, one of the leaders of the group, gave the assurance in a statement on Thursday, in Abuja.

“President Muhammadu Buhari will continue to ensure that government monies and revenues are safeguarded and put to the most efficient and transparent use for the benefit of Nigerians,” Ogunlesi said.

He said the Buhari-led administration was focused on ensuring that taxes and other debts owed the Federal Government were recovered in full.

“To this end the Federal Ministry of Finance, launched the Voluntary Assets and Income Declaration Scheme (VAIDS) in 2017, and the Voluntary Offshore Asset Regularisation Scheme (VOARS) in 2018.

“The VAIDS was followed by the launch of Project Lighthouse in 2018, by the Federal Ministry of Finance,” he said.

According to him, VAIDS is a data-mining initiative that aggregates tax, income and asset data from individuals and companies, enabling the government to have a full picture of levels of tax compliance.

He stated that so far, Project Lighthouse had identified debts in excess of N5trillion, owed the Federal Government by individuals and corporate entities, which were gradually being recovered.

He said other technology-enabled initiatives that were yielding results, in terms of plugging the leakage of government revenues, includes the automation of the issuance and management of Import Duty Exemption Certificates among others.

“Since the president assumed office in 2015, close to trillion naira worth of stolen funds and assets have been recovered in all.

“All final forfeitures are being deployed for use in government’s special Infrastructure and Social Investment Programmes, or put into the annual budget.

“The most recent Abacha and Ibori loots were transferred to the Nigeria Sovereign Investment Authority (NSIA), for transparent management under the Presidential Infrastructure Development Fund (PIDF),” Ogunlesi said.

According to him, this is in addition to other looted and hidden funds.