Thursday, 22 September 2016

Anti-corruption: We are making progress - President Buhari Says

Updated 23 September, 2016
– President Muhammadu Buhari is optimistic about his government’s fight against corruption 

– President Buhari says every naira stolen from the country’s treasury is been recovered

– He reiterates his government determination to channel recovered funds to profitable causes President Muhammadu Buhari has emphasised on his government’s determination to tackle corruption head-on. 

In an opinion piece written by the president and published on business website, Bloomberg, Buhari noted that his government is  putting in place measures to ensure that monies intended to revamp Nigeria’s infrastructure do not end up in the pockets of corrupt officials and their collaborators.

“Already we are investigating the theft of several billion dollars in public funds by the previous administration. 

“We are not only bringing these corrupt officials to justice, we are also setting up systems to make it impossible for such a grievous abuse of public trust to happen again. 

“And of course, we are as committed to playing by the rule of law as we are to accounting for every naira and recovering them for our treasury,” the president said.

He further lamented that the funds stolen and enriching private pockets were meant to build roads, railway lines, hospital and schools. 

Writing on the economy, President Buhari wrote: “Even though the times are still dire, our economic recovery plan is already showing positive results. 

Investment’s share in gross domestic product is at its highest since 2010. “Inflation is slowing; manufacturing confidence is rising. 

People are seeing and seizing opportunities to make money catering to the needs of Africa’s most populous country.  

“The journey ahead remains long and difficult. Our double-digit inflation, currency turmoil and downgraded ratings will not vanish overnight.” 

President Buhari also noted that the current recession is partly driven by the production outages in Nigeria’s Delta region, but expressed optimism that growth will accelerate as his government makes move to resolve the crisis in the region. 

Meanwhile, these are not the best of times for the Buhari led government as S&P Global Ratings has downgraded Nigeria further into junk territory.  

S&P downgrades Nigeria rating one level to B, five levels below investment grade and in line with Kyrgyzstan and Angola. 

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