Looted fund recoveries not enough to stop foreign borrowings — FG


…Says Nigeria has always been poor

By Michael Eboh

The Federal Government on Thursday explained its decision to resort to foreign borrowings, stating that contrary to expectations, the funding requirements of the country largely outweighs the amount of funds recovered from corrupt individuals so far.

Laolu Akande, VP’s spokesman

The Federal Government also described as ill-defined, claims that Nigerians are getting poorer, declaring that Nigerians had always been poor, while the country had always been a poor country, due to long-held misconceptions.

Speaking at the Fourth President Economic Communications Workshop, Senior Special Adviser on Media and Publicity to the Vice President, Mr. Laolu Akande, said the recoveries of looted funds had not gotten to the point to actually prevent the country from borrowing funds to finance the growth and development of the country.


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