Senator says recovered stolen money should be used to fund 2017 budget

The Senator representing Lagos East in the upper legislative chamber, Gbenga Ashafa, has called on the executive to place more emphasis on infrastructure projects.

The Senate began its consideration of the 2017 Budget proposal on Tuesday, 24 January 2017.

The lead debate was read by the Majority leader of the Senate, Senator Ahmed Lawan.

During his contribution on the floor of the Senate, Ashafa said that to get Nigeria out of recession, spending a huge chunk of the N7.28T 2017 budget on infrastructure projects, is the way to go.

The Senator who is the Chairman of the Senate Committee on Land Transport, commenced his contribution by commending the executive for submitting the Medium Term Expenditure Framework on time.

He also commended the executive for its drive toward revamping the railways.

Speaking further, the Senator pointed out that to get a clearer picture of things, there is a need to compare the 2016 budget performance with the estimated allocations in the 2017 budget.

According to Ashafa, “the 2017 fiscal deficit is estimated to be about N2.7T, which is an increase of about N492B from that of 2016.

"According to the budget office, this deficit is to be financed mainly by borrowing as well as recoveries from misappropriated public funds/assets proceeds.”

Ashafa also called for greater transparency from the executive in implementing the 2017 budget.

“Sometime in June last year, the stated that the cash recoveries made between May 29, 2015, and May 25, 2016, including recoveries under interim forfeiture (cash and assets), amounted to about N3. 4T.

"If these monies are truly within the coffers of the government, of what need do we have to borrow to finance the fiscal deficit? The recovered sums ought to be enough to cover up the deficit considering the fact that more recoveries are still being made.”

Ashafa urged President Buhari to tell Nigerians exactly how much funds have been recovered in the fight against corruption in the spirit of transparency.

Ashafa harped on the need to ensure that all the capital projects in the 2017 budget are funded in good time to ensure that contractors are returned to site so that more Nigerians can be gainfully employed.