afrol News, 1 October - Nigerian government has recovered US $3.4 billion unspent money from ministries, President Umaru Yar'Adua said.

In a national address to mark Nigeria's 48th independence anniversary, president Yar'Adua said recovery of funds was proof that his zero-tolerance policy on graft was having an effect in a country ranked among the world's most corrupt states.

After he was elected last year, he demanded all ministries to return all unspent money in their budgets to treasury. Officials at government ministries are often suspected of filing bogus contracts to steal money.

"Our commitment to the entrenchment of transparency and accountability in the conduct of government business remains unwavering," president Yar'Adua said.

He said he was determined to face up to Nigeria's development challenges, and set a nation on an assured path to becoming a properly grounded stable democracy and one of world's 20 largest economies by year 2020.

To ensure sustained economic growth, Yar'Adua said he would ensure requisites of peace, security and stability through "people-focused, results-oriented, creative, sincere and courageous" approach.

This year Nigeria was ranked world's 60th most corrupt country out of 180, ahead of Equatorial Guinea, Iraq, Somalia, Zimbabwe and Afghanistan, amongst others.

But the country is still in bottom third of TI index, which measures perceptions of corruption among businesses, academics, diplomats and activists.

In April two ministers, a senator and nine civil servants were charged with fraud and benefiting from proceeds of crime.

A senior government official, said funds recovered might in the past have ended up lining pockets of federal ministry or state government employees, but that current administration was more cautious.

"They were afraid president may say they were extravagant, so they only spent what was approved by cabinet and what was needed for salaries and running costs," he said.

Oil-rich Nigeria is a member of OPEC and produces an average of between 1.8 and two million barrels of oil per day but its people are ranked among the world's poorest.

Oil and gas account for 90 percent of foreign exchange earnings in the country of about 140 million people but key sector is under increasing attack from armed gunmen demanding more revenues for locals of oil-rich areas.

By staff writer

© afrol News

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