FG to use N250b from recovered loot to fund 2017 budget – Minister

The National Budget Office says it is projecting using N250 billion out of funds recovered from corrupt officials to finance the 2017 budget.


Ben Akabueze, director-general of the office, disclosed this while fielding questions from reporters at the presidential villa in Abuja, on Monday.


Akabueze said N72 billion of the money had already been recovered.


“We are projecting N258.6 billion looted funds to be part of the revenue to finance 2017 budget,” he said.


“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.”


Udoma Udoma, minister of budget and national planning, said based on the key assumption and budgetary reform initiatives, the 2017 budget envisaged a total federal government revenue of N4.94 trillion.


He said the figure 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,” he said.


“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.”

EFCC to get 2% from recovered loots – Senate

Following its role in the anti-graft war, the Senate said yesterday that the Economic and Financial Crimes Commission, EFCC, would be empowered to keep two percent of recovered loots as soon as the amendment of the Act which set it up was completed.


Speaking during a nationwide visit to offices of government agencies handling corruption-related cases, Chairman, Senate Committee on Anti-Corruption, Senator Chukwuka Utazi, who led other members of the committee to Enugu State, said: “There is a bill for an Act to amend the EFCC laws. We will pass the bill next week.

‘’We have made provisions for the EFCC to auction seized assets. We have also made provisions for special funding for the EFCC. Going forward, the EFCC will keep two per cent of whatever it recovers for its operational cost. We have big plans to ensure that things are working well for the EFCC.”


Utazi noted that the Senate was prepared to contribute its quota to the ongoing anti-corruption fight, which necessitated the committee’s nationwide visit to offices of government agencies handling corruption-related cases.

President Buhari Reveals What Recovered Loots Will Be Used For

As Nigeria continues to battle economic recession, the President Muhammadu Buhari led Federal Government has proposed to fund part of the 2017 budget deficit of N2.69 trillion from monies recovered from looters.
According to reports, FG in a Medium Term Expenditure Framework/Fiscal Strategy Paper submitted to the National Assembly is proposing to spend the sum of N6.86tn in 2017, with total revenue of N4.16tn.
 With a funding gap of N2.69tn, the government said part of the deficit would be financed with recoveries from looted funds, the rest would be from borrowings.
“Based on the revenue and expenditure estimates, the fiscal deficit is estimated to increase by about N492bn or 22.32 per cent from the estimate of N2.2tn in 2016.
“However, while this remains below the maximum three per cent of the Gross Domestic Product stipulated in the Fiscal Responsibility Act, 2007, it is projected to take a downward turn afterwards.
“The deficit is to be financed mainly by borrowing as well as recoveries of misappropriated public funds/assets.”
“Borrowing will be geared towards funding critical capital projects that have potential to effectively increase productivity, and hence, provide mechanism for refinancing the debt,” the document read in part.
Credit: dailytimes

Percentage of recovered loots should be used to strengthen EFCC – Magu

The Economic and Financial Crimes Commission (EFCC) has urged a review of Nigerian laws to enable anti-graft agencies in the country retain a percentage of the loot recovered to fund their operations.

The Acting Chairman of the commission, Mr Ibrahim Magu, made the request at the national anti-corruption conference organised by the Presidential Advisory Committee against Corruption (PACAC) and the National Assembly in Abuja.

The conference which began Tuesday will end Wednesday.

Magu said the review will be in line with international best practices.

“In some jurisdictions like the UK, proceeds of crime are further used to strengthen the agency,” he said.

“In EFCC, we have been struggling for years to build our headquarters and when I think of the billions of naira we recover, I can see what would have happened if we are allowed to apply a percentage of this recovery into our operations.”

The EFCC boss also advocated the amendment of the country’s anti-graft laws to place the burden of proof on the accused in corruption cases.

“One the issues that concerns us in the EFCC is that of non-conviction based recovery.

“It is of great concern to us that the burden is on us to prove in court that this is a proceed of crime.

“But in other climes the accused has to prove that the property he has, actually represents the fruit of his labour.

“There is the need for the Act to make a provision for an application of the proceeds of crime into recapitalising the anti graft agencies.”

Magu was represented at the event by Mr David Tukura, the Deputy Director of Planning, Policy and Statistics of the commission.

Vice President Yemi Osinbajo, who opened the conference, called for more support from Nigerians for the Buhari administration’s efforts at recovering stolen funds from looters of the nation’s treasury.

Osinbajo lamented the state of corruption in Nigeria.

He said the country stands the risk of remaining underdeveloped if nothing is done to stem the tide of corruption.

The President of the Senate, Bukola Saraki, said the anti-corruption war being waged by the government should not be a tool for political witch-hunt.

“In order to succeed this time, we cannot afford to make the fight against corruption a simple matter. We cannot afford to make it a chase in the dark. It must be rooted in effective strategy and demonstrative plan.”

Saraki emphasised the need for the anti-corruption campaign to be a collective responsibility of Nigerians to rid the country of impunity and hardship.

The theme of the conference is : “The Role of the Legislature in the Fight against Corruption in Nigeria”.

How We Are Spending Recovered Loots- Buhari

President Muhammadu Buhari has disclosed that his administration is channelling the recovered funds towards the development of critical infrastructure and the implementation of social inclusion programmes for Nigerians.

Buhari disclosed this Tuesday while presenting Nigeria’s Statement at the 71st Session of the United Nations General Assembly (UNGA71) in New York, on the theme, “Sustainable Development Goals: a Universal Push to Transform the World”.

He told world leaders that corruption freezes development and undermines the attainment of the Sustainable Development Goals (SDGs).

Buhari, who reiterated that fighting corruption remained a cardinal pillar of his administration, expressed delight that the anti-corruption campaign had started yielding positive dividends including significant recovery of stolen assets.

The president said the capacity of government agencies was being strengthened to institutionalize reforms that would ensure transparency and good governance.

According to him, Nigeria will continue to call for speedy and unconditional recovery of illicit assets stashed abroad.

“Nigeria supports the development of an international legal framework to enforce anti-corruption measures and strengthen existing international institutions to effectively deal with corrupt practices,” he stated.

President Buhari noted that Nigeria was not spared the adverse effects of the current global economic downturn.

He said his government remained undeterred and had embarked on comprehensive diversification reforms by shifting emphasis to non-oil sectors of mining, agriculture, industrialisation, infrastructure development and the creation of the enabling environment for Foreign Direct Investment.

Read More: dailytrust