Dormant resources ‘ve potential of reinvigorating economy-Kalu

Deputy Speaker, Rt. Hon. Benjamin Okezie Kalu has underscored the need for the country to plough back dormant resources in the form of recovered public funds to boost the economy and create employment.

Kalu made the assertion, Monday, while declaring open the inaugural session of the House adhoc committee on “Identification and Recovery of Public Funds Seized, Forfeited and Abandoned in Financial Institutions and Government Agencies to Improve the Current Economic Challenges in Nigeria” chaired by Hon. Munachim Alozie on behalf of the Speaker of the House, Rt. Hon. Tajudeen Abbas.

He said: “Our mission is unequivocal: to craft a comprehensive strategy that
identifies, recovers, and channels idle funds into productive endeavors.
These dormant resources possess the potential to reinvigorate our struggling economy, creating avenues for growth, development, and prosperity that resonate with every Nigerian.

“Our economic landscape is multi-dimensional, replete with challenges
ranging from dwindling revenues and infrastructure gaps to unemployment
and inflation. As we embark on our mandate, let us bear in mind that our
decisions will echo across the lives of fellow citizens, especially those most
affected by these adversities. Our unwavering dedication to transparency,
accountability, and diligence is non-negotiable as we navigate through
intricate financial systems, legal intricacies, and bureaucratic entanglements.”

Though the task ahead may appear formidable, Kalu said it needed the collective expertise of all to bring innovative solutions.

He further stated that collaboration among financial institutions, government bodies, legal entities, and the private sector was a necessary compass towards realizing the objectives, stressing that the committee had the task of optimizing the real-time value of recovered public funds to reinvigorate our economy.

“Additionally, this Ad-Hoc Committee’s role is not only paramount but
transformative in three aspects: first, ensuring accountability and
transparency; second, establishing trust between the government and its
people; and third, optimizing the real-time value of recovered public funds
to reinvigorate our economy, thereby preventing “dead capital”, he said.