Former Labour Party presidential candidate, Peter Obi, has lauded the Economic and Financial Crimes Commission (EFCC) for recovering over N853 billion in suspected crime proceeds within the past year, describing the achievement as “a step in the right direction.”

In a post on his verified X handle on Friday, Obi acknowledged the agency’s effort but warned that the recovered sum represents only a fraction of the wealth looted by past leaders. He stressed that the real test lies in how the funds are deployed for the nation’s development.

Obi said, “The Commission deserves commendation for this effort, even though it’s just a tiny fraction of the funds stolen from the public treasury. Beyond recovery, what truly matters is the utilisation of these funds in a verifiable and accountable manner, particularly in critical sectors such as health, education, and poverty alleviation.”

He urged that the recovered funds be strategically invested to create measurable impact, citing Nigeria’s persistent challenges: “Currently, over 20 million children are out of school, the highest globally. Similarly, more than 100 million Nigerians live in extreme poverty, especially in the North, where the situation is most severe.”

Obi proposed practical interventions, including tripling the Federal Government’s 2024 Universal Basic Education contribution of N251.47 billion to provide an additional N503 billion for education, while allocating the remaining N350 billion as microcredit to impoverished communities in 19 Northern states. He noted that many of these states have long sought funding from development banks for similar programs.

“Let this not be just another announcement of recovery,” Obi stressed. “Let it mark the beginning of a new era of accountability, where every kobo retrieved translates into classrooms, hospitals, skills, and opportunities for ordinary Nigerians.”