Dormant Resources Have Potential Of Reinvigorating Economy – Reps

The House of Representatives has emphasised that dormant resources have the potential of reinvigorating Nigeria’s struggling economy, creating avenues for growth, development, and prosperity that resonate with every Nigerian.

Speaker of the House, Hon. Tajudeen Abbas stated this at the inaugural meeting of 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.

Represented by his deputy, Hon. Benjamin Kalu, the Speaker underscored the need for the country to plough back dormant resources in the form of recovered public funds to boost the economy and create employment.

He said:”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.”

The Speaker through his deputy stressed that the Committee has the task of optimising the real-time value of recovered public funds to reinvigorate 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, optimising the real-time value of recovered public funds to reinvigorate our economy, thereby preventing “dead capital”, he added.