Business Hilights
Tracking Nigeria's Headline Business News Online

Buhari to spend N564b recovered loots in 2017, presents budget to NASS today

Revelations from the adjusted the 2017-2019 Medium Term Framework Expenditure earlier forwarded to National Assembly for consideration by the presidency have shown that Federal Government will spend a whopping N564 billion of recovered loots on the 2017 Budget.

The amount according to Business Hilights statistics is more than 50 per cent of acclaimed recovered loots by this administration since May 2015.

In the review copy of the document, the exchange rate has been jerked up from N290 to N305 as official rate‎.

The budget proposal that would be presented by President Buhari will now fall to N7.3 trillion.

The proposed budget represents an increase of ‎about 19.95 per cent over the 2016 Appropriation of N6.07 trillion.

The benchmark for crude oil still stands as $42.5 per barrel and the daily production level still stands at 2.2 million barrels per day.

In the MTEF proposal, the total amount of recovered loots was put at N564 billion.

The breakdown of the looted funds showed that N97.6 billion ($320 million) was recovered from Switzerland, N261 billion was domestic recoveries, assets and fines and other Federal Government recoveries was N205 billion.

Responding to a question on looted funds, the Minister of Budget and National Planing, Udoma Udo Udoma, ‎explained the physical monies recovered have been factored into the 2017 budget, noting further that “The physical money that we actual received have been factored into 2017 budget.”

Business Hilights recalls that the MTEF submitted earlier to National Assembly did not indicate recovery from Switzerland and domestics recoveries.