N565bn Recovered Loots To Finance 2017 Budget

A total of N565billion stolen funds have been recovered by the government and included in the 2017 budget. This was revealed in a revised MTEF submitted to the National Assembly.

President Muhammadu Buhari is expected to present a proposed budget of N7.28 trillion for 2017 at a joint session of the National Assembly, which is an increase of ‎19.95%  over 2016 budget.

The MTEF showed that the amount included $320million equivalent to N97.6 billion General Sani Abacha loot.

Minister of Budget and National Planning, Senator Udoma Udo Udoma said the money was almost ready and will be sent by the Swiss government.

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“It is virtually at hand...We believe we will get it,” he said during a meeting with Senate committees on Finance, Appropriation and National Planning on MTEF/Fiscal Strategy Paper (FSP).

The recovered funds included N261bn domestic recoveries and another N205.5bn.