FG to use N250bn from recovered loot to fund 2017 budget- Akabueze

Ebun Francis

Ben Akabueze, director-general of the National Budget Office, on Monday disclosed that Federal Government will fund part of the 2017 budget with N250bn recovered from corrupt officials. The Director General of the Budget Office stated this while fielding questions from reporters at the presidential villa in Abuja. He informed reporters that already, N72 billion of the money had been recovered.

According to him, “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, which is N97.6 billion recovered the loot of Sani Abacha expected from Swiss government.

“The balance of N90 billion will be from other expected recovery loot which are now at advance stages.”

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The minister of budget and national planning, Udo Udoma, while responding to questions form Journalists stated that based on the key assumption and budgetary reform initiatives, the 2017 budget envisaged a total federal government revenue of N4.94 trillion. The figure, according to him, exceeded the 2016 financial year projection by 28 per cent.

“The projected revenue receipt from oil is N1.985 trillion and non-oil, 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.