News Agency of Nigeria (NAN)

Nigeria to use N250bn recovered loot in budget

Budget:FG to use N250bn recovered loot

By Emmanuel Oloniruha

The National Budget Office says over N250 billion of recovered looted funds from corrupt officers is projected to be part of the sources expected to finance the 2017 proposed budget.

The Director General of the office, Mr Ben Akabueze,  disclosed this while answering questions at the public presentation of the 2017 Budget proposals at the State House on Monday in Abuja.

Akabueze said that N72 billion of the money had already been recovered.

“We are projecting N258.6 billion looted funds to be part of the revenue to finance 2017 budget.

“Also to be included in budget financing is 320 million dollars, which is N97.6 billion recovered Abacha loots expected from the Swiss government.

“The balance of N90 billion will be from other expected recovery loots which are now at advance stages,’’ he said.

The Minister of Budget and National Planning, Sen. Udoma Udo Udoma said that based on the key assumption and budgetary reform initiatives, the 2017 budget envisaged a total Federal Government revenue of N4.94 trillion.

Udoma said that the figure exceeded the 2016 financial year projection by 28 per cent.

“The projected revenue receipt from oil is N1.985 trillion and noon oil is N1.373 trillion.

“The contribution of oil revenue is 40.2 per cent compared to 19 per cent financial year of 2016 in addition to cost reduction, higher price, exchange rate and additional oil related revenues,’’ he said.

It will be recalled tha the Federal Government said it will fund the 2017 budget with recovered loot and renewed oil licences, even as it targets N10 trillion revenue generation in the coming year.

It emphasised that the 2017 budget would also be financed through royalties and promissory notes.

The revelation came as President Muhammadu Buhari presents the 2017 Appropriation Bill before the joint session of the National Assembly today.

This is even as some members of the House of Representatives expressed apprehension that with the alleged poor implementation of the 2016 budget, there was the possibility that the 2017 budget implementation could suffer the same fate.