Saraki name one thing that can end recession

Senate president Bukola Saraki has said that the alleged $13.9 billion money laundering by Mobile Telecommunication Network (MTN) is enough to pull Nigeria out of recession, Vanguard reports.

Saraki disclosed this while opening the legislative hearing on the alleged repatriation of the funds by MTN, the nation’s giant telecoms provider, in connivance with some Nigerian banks and individuals.

The investigative hearing is being conducted by the Senate Committee on Banking, Insurance and Other Financial Institutions.

Represented by the Majority Whip of the Senate, Olusola Adeyeye, Saraki said the amount involved was mind blowing.

He said: “The amount of money involved in the alleged repatriation by MTN could pull Nigeria out of recession. “We are duty bound to make sure that such breach of constitutional processes are investigated; be assured that this is not witch-hunt but a fact finding exercise.

“This 8th senate has devoted a lot of attention on legislations that will improve the business environment.

“This hearing goes to show this commitment and so we expect maximum cooperation from the regulatory authorities; failure to do so will mean culpability.

“We intend to get to the bottom of this and get the facts and nothing but the fact.

“At the end of this, based on the calibre of people that are here, Nigerians will get to know the truth about what transpired.”