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Recovered looted funds not enough to fund economy - Mohammed

02 September 2016, 20:09

Abuja - Minister of Information and Culture, Lai Mohammed has state that it would take a lot to revive the ailing economy as looted funds would not even help the dire situation, Punch reported.

According to Mohammed what had been recovered stands at N78 billion and various accounts have been blocked where 9 billion dollars was found but it is money that cannot be used as the court is still involved.

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

Nigerians have been promise that every penny recovered will be used judiciously and nobody will re-loot what belongs to the administration.

The Federal Ministry of Finance had released about N400 billion but this was for capital projects for roads, the railway and power.

Many contractors were owed by the government and therefore most of the many has still need to pay an estimate of N2 trillion.

According to the Federal Government, looted funds would be used to fund the 2017 budget.

For more on this story visit Punch


- News24


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