$6.5bn Repatriated Loots Fail To Address Poverty, Underdevelopment

Stolen funds recovered from past public officials and stashed in foreign countries, totaling $6.5billion, have failed to address Nigeria’s development gaps despite 19 years of recovery efforts.

Nigeria is one of the countries affected by the $89 billion lost annually by African countries through illicit financial flows.

A major effect of this is a widened gap between the rich and poor as the country remains economically vulnerable, with inadequate infrastructure, erratic power supply, limited access to healthcare, education, insecurity, low broadband internet penetration, and general low standard of living.

The latest data from the World Data Lab revealed that of the 209,707,456 people living in Nigeria, 89,822,903, that is about 43 percent, live below the poverty line of less than $1.90 per day.

Out of this figure, the number of poor people in rural areas is put at 56,481,799, 63 percent of the total poor, while 41,406, 595, being 35 percent represents the urban poor.

Read More: https://dailytrust.com/6-5bn-repatriated-loots-fail-to-address-poverty-underdevelopment