Focus on dormant resources to create employment- Deputy Speaker Kalu tells FG

Hon. Benjamin Kalu, Deputy Speaker of the House of Representatives, has urged the nation to reclaim idle resources in the form of reclaimed public funds in order to strengthen the economy and generate jobs.

In an address to the House ad hoc 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 Monday in Abuja, Kalu made the call on behalf of the Speaker, Hon. Tajudeen Abbas.

The Deputy Speaker stated, “Our aim is clear: to develop an all-encompassing plan that detects, recovers, and channels idle cash into fruitful endeavours.

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.”

Despite the difficulty of the work at hand, Kalu argued that creative solutions could only be provided by pooling everyone’s talents.

He went on to say that working together with financial institutions, governmental organisations, legal entities, and the private sector was essential to achieving the goals, highlighting the committee’s responsibility for maximising the real-time value of recovered public funds in order to stimulate 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.