President Muhammadu Buhari presented the 2017 appropriation bill to the National Assembly
- Part of the funding for the budget is expected to come from recovered loot
N565 billion recovered from looters by anti-graft agencies in the fight against corruption has been included in the funding for the 2017 budget presented by President Muhammadu Buhari.
President Buhari has presented the 2017 appropriation bill to the National Assembly which is a N7.298 trillion proposal that will become effective immediately the Assembly approves and passes it back to the president for assent.
Recovered loot to fund part of 2017 budget
Daily Trust reports that in a revised Medium Term Expenditure Framework (MTEF) submitted to the National Assembly, it showed that $320million which is equivalent to N97.6 billion Abacha loot being expected from the Swiss government would be used to fund part of the budget.
Senator Udoma Udo Udoma who is the minister of budget and national planning said the fund was almost ready.
“It is virtually at hand... We believe we will get it.”
Alhaji Lai Mohammed who is the minister of information and culture had revealed in June that Nigeria had recovered N78.3billion, $185million, 3.5million Pounds Sterling and 11, 250 Euros from domestic looters.
The government is targetting “collectible revenue of N10.4trillion from gross oil revenue of N5trillion, dividend payment (NLNG) N61billion, Solid minerals N2.5billion, gross non-oil revenue N5.06trillion, Non-federation account levies N53billion, education tax N188.7billion and National Information Technology Development Fund N24billion”.
