Nigeria to fund 2017 budget with recovered loot from corrupt officials

shakirudeen taiwo

June 16, 2017 5:02 PM

According to the report, one of every $5 in Nigeria One of every $5 in Nigeria’s 2017 budget will be funded by recovered loot.

President Buhari at the anti-corruption summit, London in 2016

A statement from the Nigerian government has indicated that it planned to spend some of the recovered looted funds to finance the deficit in the 2017 budget.

According to Mr Okoi Obono-Obla, the Senior Assistant to the President on Prosecution while speaking with journalists in Abuja stated that the Presidency is in the process of seeking the National Assembly’s approval to finance about 20% of the 2017 budget with recovered loot”.

It would be recalled that the Acting President, Prof. Yemi Osinbajo signed the N7.4 trillion ($23 billion) budget signed on June 14, 2017. The budget has over N2.4 trillion as deficit which is hoped to be financed with borrowings from internal and external sources.

Since the beginning of this administration in May 2015, the Buhari’s administration has started a stiffer war against corruption, with officials in the previous administration of Jonathan currently facing cases of embezzlement and misappropriation of public funds.

Towards achieving its anti-corruption campaign, the government also introduced a Whistle-Blowing Policy which allows Nigerian to report suspected corruption and fraud related activities. Through this policy, the government had recovered over N147 billion, $217 million and £2.07 million till April 2017.

shakirudeen taiwo

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng