The FG said on Monday it would use a fraction of the looted funds recovered so far to finance part of the 2017 budget. The Minister of Budget and National Planning, Udoma Udoma, said this at the 2017 budget breakdown in Abuja.
He said the total revenue projected was N5.08 trillion, with 11% (about N559 billion) coming from the recoveries made. “On recoveries, we are being extremely conservative; what is in the budget is what we know about already.
So, if more comes, we will use it. Know that recoveries of looted funds are not the most dependable way to finance the budget because of the legal processes that have to be concluded before it can be spent.
So, the money quoted in the budget is the one we have already recovered and in our pocket to spend as we wish,” he said.
The N7.44 trillion budget, referred to as the ‘budget of recovery’, was signed into law by the Acting President, Yemi Osinbajo, on June 12, a month after it was passed by the National Assembly.