titled ‘Camouflaged Cash’, it was revealed that Nigeria spent an average of $580 million yearly on security votes. The monthly fund runs into billions of naira and varies based on the level of security required by the individual state.
“You can’t separate the growing insecurity from corruption. The surest path to peace in our country is to take care of the menace of corruption. If we succeed in stemming corruption, we will berth a working system,” he said.Magu also berated banks for allowing terror sponsors to use the banks as a conduit for channeling funds for their nefarious activities. He said the commission would come down hard on bankers who collaborate with terror sponsors.
Speaking at a meeting with banks’ compliance officers in Maiduguri, Chairman of EFCC, Ibrahim Magu, queried the rationale behind a single NGO keeping 40 bank accounts. He said, “We must profile all the NGOs in the North-east. I don’t know why an NGO will open more than 40 bank accounts.“The issue of money laundering, terrorist financing and leakage of information will be eliminated by the commission with the help of bankers across the country.”In the 2018 Budget, the military proposed N38 billion for the purchase of ammunition, jet fighters, armoured tanks, landing ships, patrol vehicles and boats among others.
There was also an increase in the recurrent expenditure within the same period, an indication of resources expended on procurement of arms and recruitment of more personnel within the period.An interventionist agency, North East Development Commission was given a take-off grant of N55 billion in May 2019. So far, N36 billion was deposited in the account of the commission.
“They were inaugurated on May 8, 2019. From 8th May to now, N10billion was released to them and subsequently, N26bn was also released in the 2019 budget. So if you add N10billion to N26billion that is N36billion”.The United Nations has also recently granted a $9 million to help fund thousands of displaced people in the North-east. The fund includes $2 million in support of UN humanitarian air service for frontline responders in the region.
Point of correction, it's not a war, it's a racket.