Thursday, October 28, 2021

Federal Government To Fund 2017 Budget With Fraction Of Recovered Loot

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The Minister of Budget and National planning in Nigeria, Senator Udoma Udo Udoma at the 2017 budget breakdown yesterday in Abuja said the federal government will use a fraction of the looted funds recovered so far to finance part of the 2017 budget. He said the total revenue projected was N5.08 trillion, with 11 per cent coming from the recoveries made.

Still explaining, he said “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 also said that the total revenue projected exceeded the 2016 projection by 30.26 percent, adding that oil revenue projection was put at 41.7 percent compared to 19 percent in 2016. Udoma added that the high revenue expectation from oil was driven by Joint Venture Calls (JVC) cost reduction, higher production and price, exchange rate as well as additional oil-related revenues.
Photo Credit: Getty

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