Why Nigeria is in recession – EFCC boss, Magu | Nigeria News Today. Your online Nigerian Newspaper

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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.”

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  1. This government demarketed itself. Your blames will lead you nowhere! Use your brain instead,make it work! I mean if the economy is not working and in a healthy state. The question is why is it so and what can be done to remedy the situation. You do not seem to want to solve the challenge. What happens if you do not recover the looted funds as you claim?

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    1. What is this one saying....probably a spoilt child of one of these looters...the curse of the land are on looters already, you just tag yourself in....OK?

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    2. What is this one saying....probably a spoilt child of one of these looters...the curse of the land are on looters already, you just tag yourself in....OK?

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    3. Anonymous has spoken well, what if you finally jailed the so called looters and the economy finally buried? I think the only strategy and policy this government has is fight against corruption, how can you still be blaming the economy woes you plunged us into as a result of your cluelessness on the past regime, same way BUhari did in 1983-1985 before he was overthrown, instead of GMB to face the economy he was busy fighting political enemies in the name of corruption and the economy collapsed into recession and was unable to continue as another coup housted him out for failed governmrnt.

      please think out of the box to govern and stop blame game,2 years is almost gone with nothing to show for it.

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  2. Is that a question for him or for yourself?

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  3. Imagine the kind of money being recovered you open your gutter mouth to speak bad against Magu.Enemies of progress.

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  4. We thank God for this party APC and the recovery so far, at least they have gotten some stolen funds back. But the hunger in the land did not surface as a result of that alone, their policies and timing of the policies led us into this. You want to stop importation of rice (for example), 1, you didn't have enough money again to subsidize, 2, the home-grown rice cannot even feed 2 states, but just becos u wanted ur brothers in the north to start selling and make money. Now families cannot afford to eat rice twice a week, and u r there telling them it's yesterday's govt?

    Now what happens to all the money we've recovered now? use it to pay salaries for ghost fed civil servants or use it to fight boko haram?

    This stupid govt banned used cars that an average citizen could only dream of buying and more than tripled the clearing cost, whereas, no alternative in regards to locally manufactured ones.

    This was what Buhari did in 1985 that he was dethrowned. Yes, he is fighting corruption, we are all happy with it, but can't someone fight it without inflicting the innocent citizens with so much sufferings and hunger?

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  5. How much was budgeted for State House clinic in 2016, yet they can not buy ear drop, the president still go to UK for ear treatment. Is that not corruption, is that not part of what is taking us to recession?

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