A recent bill seeking to stop the Federal Government from spending funds recovered by the Economic and Financial Crimes Commission without appropriation by the National Assembly passed second reading in the House of Representatives. This is a remarkable report from the National Assembly and it should be applauded. We hope it will gain concurrence from the Senate when it arrives there soon.
For this reason, states and local governments are swindled. The depth of injustice is accentuated when it is believed that about 40 per cent of state and local government resources constitute the mass of the looted money being recovered. This practice is argued by the promoters of the bill as being at variance with the elementary principle of justice and in violation of best global practices and the Administration of Criminal Justice Act aforementioned.
Notwithstanding the growing concern that the recovered funds would be re-looted, the Federal Government has reassured that it will be impossible for recovered looted funds to be re-looted, as mechanisms have been put in place to prevent it. One major hedge is that the office of the AGF has initiated a depository account domiciled at the Central Bank of Nigeria for both local and international recoveries, which can only be accessed through appropriation.
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