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FG reveals new details about looted funds

27 July 2016, 20:45

Abuja - The Minister of Budget and National Planning , Udoma Udo Udoma has disclosed that recovered looted funds would be used in funding part of the 2017 budget, Herald reports.

He noted that N2.1trillion had so far been expended out of the N6.06trillion budgeted for 2016.

He, however, added that only N253billion out of the N1.8trillion earmarked for capital projects had been spent so far

He further said that the 2017-2019 Medium Term Expenditure Framework (MEFT) will be ready for submission to the National Assembly by October.

Also read: $300m in looted funds to be returned to FG from Switzerland

“We should draw lessons from the mistakes of the last budget. We have all seen that the revenue projections for 2016 were over optimistic. This is why we are finding it difficult to get money to fund the budget, especially the capital expenditure.

“In 2017, we should be more empirical in our revenue forecast.

“Let it be more realistic so that there won’t be a deviation of more than minus or plus five per cent. This is because if we have more money, we can do supplementary budgets rather than have an overly optimistic revenue projection and, at the end of the day, we are not able to fund our budget, ” he said.

Foreign Affairs Minister Geoffrey Onyeama disclosed earlier in the year that negotiations were currently under way with a number of countries around the repatriation of looted funds stashed abroad according to News24.

The Minister revealed exchanges between Nigeria and Switzerland, saying that the Swiss had already repatriated $700 million in looted funds.

- News 24


ICPC denies its chairman was sacked

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