How FG Plans to utilise N237bn recovered loot

The Federal Government is planning to partly finance the 2020 budget with a total of N237bn from domestic recoveries, assets and fines.

The amount is one of the financing items to be used by the government to generate over N7.6tn revenue needed to fund the 2020 budget.

The 2020 budget is expected to be sent to the National Assembly by the end of this month.

In the 2020 fiscal period, the Federal Government is proposing to spend N9.78tn to finance its programmes.

The N9.78tn expenditure is made up of statutory transfer that would gulp N526.45bn, up from N502.05bn in 2019; while debt service and recurrent (non-debt) would consume N2.45tn and N4.7tn in 2020, up from N2.14tn and N4.38tn in 2019, respectively.

For capital expenditure, the country would see a drop of about N1.13tn from N3.18tn this year to N2.05tn next year.

Investigations revealed that the planned recovery of N237bn when compared to the N203.79bn for 2019 represents an increase of N33.2bn.

Within the last three years, funds recovered from those that looted the treasury have been one of the financing items for the annual budget of the Federal Government.

The Attorney-General of the Federation and Minister of Justice Mr Abubakar Malami (SAN), who confirmed this, said that huge assets had been recovered within the last three years.

He said the Federal Government had intensified its anti-corruption war by approving the harmonised National Anti-Corruption Strategy.

Malami explained that the Asset Recovery and Management Unit in the Federal Ministry of Justice serves as the secretariat responsible for the implementation of NACS.


Leave a Reply

Your email address will not be published. Required fields are marked *