The acting chairman of the Economic and Financial Crimes Commission, EFCC, Ibrahim Magu, has identified corruption as the reason behind Nigeria’s recession.


He said the current economic situation of the country was why the federal government was paying a lot of attention to the recovery of stolen funds.

“I maintain that the economic recession is caused by corruption,” Magu told Arise TV.

“About 90 per cent of the cause of recession is corruption, because there was fund and people stole the funds and kept them where they cannot be reached.

“If we can lay hands on this hidden wealth, we won’t stay for more than three months in this recession. It is sufficient for us to get out of economic recession”, he added.

Magu advised those still holding looted money to voluntarily return such.

“I think they should just come out and approach the government and say, ‘this is what I have.’ Our emphasis now is on the recovery of the looted fund. People should come out and give us full disclosure, we would go after it”, he added.

On possible amnesty for looters, he said, “I’m not sure of that. But we encourage recovery if you can voluntarily bring out this thing, disclose this thing. It is the government that would decide. We encourage people to come out and disclose the looted funds.

“They should cooperate with the government. They should come forward and declare what they have looted and the government will take its decision.

“Everybody must join in the fight against corruption. It’s very necessary for the future of this country, for a better tomorrow.”


http://www.newshelm.com/2017/02/why-nigeria-is-in-recession-efcc-boss.html

cc lalasticlala

True talk.

And we have seen corruption fighting back against this Government,in the guise of different kinds of protest ala Tuface idibia.

The fight against corruption,is a fight that must be won.

The Corrupt Nigerians,or those profiting from corruption are those against Buhari. And the dumbest among the Corrupt ones,are the "Bring Back Our Corruption" chanters.

Those are the one's, whose brain has been defiled by the lack of common sense.

Ok

Yes we all know.
The anti-corruption fight should be impartial.

Sure! Like i told someone yesterday that you don't need a rocket science to decode the present economic woes. All that is needed is the availability of money for spending.

Unfortunately those monies are stacked up somewhere by greedy and heartless men who don't give a bleep about the common man.
Most painfully are those oppressed that disparage the fight against corruption because of parochialism, yet same people want the country to transform to an Eldorado country in a day.

Fact, bt that yakubu no need stay alive oh

APC government of deception,propaganda and excuses...
We didn't vote u guys to come n be lecturing us on Nigeria's problems dat we already know abt, we voted u guys cos u promised to make things better....

Inspectorsuga:
APC government of deception,propaganda and excuses...
We didn't vote u guys to come n be lecturing us on Nigeria's problems dat we already know abt, we voted u guys cos u promised to make things better....

Where you are right now is as a result of where you are coming from and the way you took. Apc has not really done much to help things but we can't still ignore the damage caused by the GEJ led government.

beycity:

Where you are right now is as a result of where you are coming from and the way you took. Apc has not really done much to help things but we can't still ignore the damage caused by the GEJ led government.

Well said, I am not saying we should ignore d damages done by GEJ buh let us not continue to dwell in d past and look for d way forward to make life better for Nigerians in accordance with d change dey promised us. My take is dat dey should find a way to move Nigeria forward cos wen dey where preaching CHANGE to us during those campaigns, they didn't inform us dat terms n conditions apply to the CHANGE....

Magu has said it all.

I hope the Abacha's loot is among the loots keeping Nigeria in Recession . If not no case to answer

The money Tinubu stole alone can bring us out of recession

what is the cause of the 1984 version?

Yeye government, brainless supporters

...EFCC Magu,you and your Apc cohorts are pathological liars.

...Nigeria is in recession because of the incompetece and stuppidity of your boss buhari/apc..who through his actions chased away Foreign investors who left with billions of dollars in tow in one full swoop.That is reason for this recession not the 9mdollars from Yakubu or anyone else

.....Meanwhile i believe corruption should be eradicated,therefore,beam more searchlights on Apc politicians if you are serious,as well as your self and Buratai or else gerrout...Thank you in advance.

Upon All the Money Abacha stole and Low price of oil under Obasanjo WE didnt land in recession.. abeg carry una Story go