A London Enterprise Ambassador and Chief Economic Strategist at the ECOWAS Commission, Prof Ken Ife, has said the N1.2 trillion unremitted funds by federal agencies can create 3 million jobs and lift 20m persons from poverty.
Acting Chairman of the Fiscal Responsibility Commission (FRC), Barr. Victor Muruako, recently said 122 federal agencies could not remit N1.2trn operating surpluses to the Consolidated Revenue Fund (CRF).
However, Prof. Ife, said: “The unremitted N1.2 trillion can create 3.33m jobs a year on the minimum wage of N30 per month.
He also said the sum “can cover conditional cash transfer to 20m families per year and bring them out of extreme poverty.”
The money “can fund 52 per cent of the (N2.3trn) required for rapid post-COVID -19 economic recovery by the Economic Sustainability Plan (ESP).”
He also said it “can pay half the salary of civil servants and it can provide the Sinking Fund for the next four years for retiring maturing securities.”
Prof. Ife further revealed that the N1.2trn “can pay half of our annual debt service and can finance 54% of Nigeria’s 2020 proposed capital expenditure.”