$157bn left Nigeria illegally between 2003 and 2012, says Buhari

President Muhammadu Buhari says Nigeria lost $157.5 billion to illicit financial flows between 2003 and 2012.

He said international laws and other systems make it difficult to repatriate stolen funds.

Buhari said this at a high-level event on illicit financial flows (IFFs) which was held on the sidelines of the 74th United Nations General Assembly in New York.

He said such massive loss of assets, resulted in dearth of resources “to fund public services or to alleviate poverty”, in the country.

He said though his administration has recovered “millions of dollars stolen from our country in the last five years, a lot more was still stuck in foreign bank accounts”.

According to him, a combination of “international laws, different jurisdictions and justice systems”, make it deliberately difficult for repatriation.

Buhari said any lasting solution to stem illegal financial flows would require international cooperation and coordination.

He also acknowledged the lack of sufficient capital and corruption as impediments to the socio-economic development of the continent.

“This is why, as Africans, we have no choice but to break the back of corruption. That is why our government has made it a war we intend to win,” he said

“We will give all it takes to ensure there is no hiding place for purveyors of corrupt practices who are truly enemies of the people.

“Therefore, here lies a role for the African Union. The New Partnership for African Development (NEPAD) must be supported to play a critical role in securing the cooperation of African countries and their international counterparts.”

The president commended the organisers of the meeting for their shared commitment to root out corruption from Africa.

“I am motivated by the belief that, if we join hands, we can bequeath to our children an Africa that is not defined by corruption,” he said.