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FG To Finance 11% Of 2017 Budget With Recovered Loot - Politics (2) - Nairaland

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Re: FG To Finance 11% Of 2017 Budget With Recovered Loot by Coldfeets: 9:11pm On Jun 19, 2017
seunmsg:
All those asking questions about the whereabout of recovered loots, I hope you have your answers now.

Lalasticlala, over to you.

Excuse sir, but is it actually seun message or seun messenger or all of the above?

2 Likes

Re: FG To Finance 11% Of 2017 Budget With Recovered Loot by ibkayee(f): 9:12pm On Jun 19, 2017
To be looted again

2 Likes

Re: FG To Finance 11% Of 2017 Budget With Recovered Loot by seguno2: 9:14pm On Jun 19, 2017
How can you finance a budget with an amount of money that you don't know?
EFCC's Magu said that he does not know the amount of money recovered during his failed confirmation hearings. So what presidency is talking about 11%?
The one of London or the cabal in Aso Rock?

1 Like 1 Share

Re: FG To Finance 11% Of 2017 Budget With Recovered Loot by seguno2: 9:24pm On Jun 19, 2017
seunmsg:
All those asking questions about the whereabout of recovered loots, I hope you have your answers now.

Lalasticlala, over to you.

You guys allow yourselves to be CONNED so easily.
If Magu of EFCC does not know how much money was recovered, do you think that the presidency will know?
Think, brother, think am well well.


http://www.vanguardngr.com/2017/03/dont-know-much-weve-recovered-looters-magu/


We don't even know what presidency is talking sef?
Whether it is the one that has been AWOL on medical tourism in London forever or the cabal in Aso Rock?
Do you know?

4 Likes 1 Share

Re: FG To Finance 11% Of 2017 Budget With Recovered Loot by INTEGRITYA1(m): 9:24pm On Jun 19, 2017
wristbangle:
It is good to hear. So when are they going to use the rest 89%?

Most likely; you've missed the point.

1 Like

Re: FG To Finance 11% Of 2017 Budget With Recovered Loot by solendad(m): 9:27pm On Jun 19, 2017
NextGovernor:
Propaganda and Useless government. They said 2 trillion plus have been recovered. Now they are giving 11% of looted funds recovered for 5trillion budget.

11% of 5trillion is about 500 billion plus. What about the 1.5trillion in the remaining 2trillion as claimed by EFCC. Abi them feel say everybody na zombie?

Very soon they will say Evans (Kidnapper) recovered billions will complete the remaining 89%.

Nonsense people.

People like you are the reason I hate the idea of ONE NIGERIA

3 Likes

Re: FG To Finance 11% Of 2017 Budget With Recovered Loot by oweman: 9:29pm On Jun 19, 2017
What's wrong with this government of APC people what's wrong with them this is money they should have been sharing among party faithfusl young or old
Re: FG To Finance 11% Of 2017 Budget With Recovered Loot by Walelavender(m): 9:29pm On Jun 19, 2017
Want to suggest that looted funds should be used to build notable infrastructure like stadium, skyscraper,national edifice etc and be named as Proceed of Corruption Complex
Anything less than this means outright re-looting grin
Re: FG To Finance 11% Of 2017 Budget With Recovered Loot by ephi321(f): 9:30pm On Jun 19, 2017
Same ole stale news.

This govt has absolutely nothing to offer.
A budget being passed mid-year. And the 2016 budget, what positive difference did it make to the life of the man on the street?

Mschew.

4 Likes 1 Share

Re: FG To Finance 11% Of 2017 Budget With Recovered Loot by jaytime(m): 9:32pm On Jun 19, 2017
wristbangle:



I didn't bother to read the article earlier hence my reason to jump into conclusion (my bad sad ) but having gone through it, I now understand clearly. It's a good move. They can't spend it all @ a goal. Transparency has been achieved now we await full implementation
From the way you sound, I bet, you still do not "understand clearly". Read again, this time with a mathematical mindset.

3 Likes

Re: FG To Finance 11% Of 2017 Budget With Recovered Loot by Dino98: 9:36pm On Jun 19, 2017
wristbangle:
It is good to hear. So when are they going to use the rest 89%?


My thoughts exactly....why just use a "fraction"
Re: FG To Finance 11% Of 2017 Budget With Recovered Loot by Olalimi(m): 9:41pm On Jun 19, 2017
Re: FG To Finance 11% Of 2017 Budget With Recovered Loot by bejeria101(m): 9:43pm On Jun 19, 2017
Zombies make una hold dis una govt them no well o,which loot? Dasuki 400m, Deiziani 90bn$ or evans money?
Re: FG To Finance 11% Of 2017 Budget With Recovered Loot by suremanpatriot: 9:48pm On Jun 19, 2017
Hah ha haaaa! Beautiful news. This govt with traction.Whn implemented it shows we are gettin really better grin grin grin

1 Like

Re: FG To Finance 11% Of 2017 Budget With Recovered Loot by lexy2014: 9:50pm On Jun 19, 2017
seunmsg:
All those asking questions about the whereabout of recovered loots, I hope you have your answers now.
how many times in Nigeria have we heard "Govt to.....", " govt will....." that in d end never was. Just d way they publicized d recovery they ought 2 publicise d usage with concrete evidence

1 Like 1 Share

Re: FG To Finance 11% Of 2017 Budget With Recovered Loot by dalaman: 9:51pm On Jun 19, 2017
What happened to the 2016 budget? Does any body know?
Re: FG To Finance 11% Of 2017 Budget With Recovered Loot by VEE2010(m): 9:58pm On Jun 19, 2017
Opportunity to re- loot the loots
Re: FG To Finance 11% Of 2017 Budget With Recovered Loot by hakhin2(m): 9:59pm On Jun 19, 2017
NextGovernor:
Propaganda and Useless government. They said 2 trillion plus have been recovered. Now they are giving 11% of looted funds recovered for 5trillion budget.

11% of 5trillion is about 500 billion plus. What about the 1.5trillion in the remaining 2trillion as claimed by EFCC. Abi them feel say everybody na zombie?

Very soon they will say Evans (Kidnapper) recovered billions will complete the remaining 89%.

Nonsense people.
Re: FG To Finance 11% Of 2017 Budget With Recovered Loot by hakhin2(m): 10:04pm On Jun 19, 2017
[quote author=NextGovernor post=57671134]Propaganda and Useless government. They said 2 trillion plus have been recovered. Now they are giving 11% of looted funds recovered for 5trillion budget.

11% of 5trillion is about 500 billion plus. What about the 1.5trillion in the remaining 2trillion as claimed by EFCC. Abi them feel say everybody na zombie?

Very soon they will say Evans (Kidnapper) recovered billions will complete the remaining 89%.
Nonsense people.[/Pls read tru very well,he said only the money that is in their hands,(i.e those that has no court cases).the remaining money still has cases that needed to b resolved.
quote]
Re: FG To Finance 11% Of 2017 Budget With Recovered Loot by sydlak: 10:04pm On Jun 19, 2017
Lol. I am not even bothered about what you wrote because you obviously can't read. I'm more worried about the people who liked your comment. Nigeria!!!!
NextGovernor:
Propaganda and Useless government. They said 2 trillion plus have been recovered. Now they are giving 11% of looted funds recovered for 5trillion budget.

11% of 5trillion is about 500 billion plus. What about the 1.5trillion in the remaining 2trillion as claimed by EFCC. Abi them feel say everybody na zombie?

Very soon they will say Evans (Kidnapper) recovered billions will complete the remaining 89%.

Nonsense people.

3 Likes

Re: FG To Finance 11% Of 2017 Budget With Recovered Loot by Newmanluckyman(m): 10:09pm On Jun 19, 2017
seunmsg:
The Federal Government said on Monday it would use a fraction of the looted funds recovered so far to finance part of the 2017 budget.

The Minister of Budget and National Planning, Sen. Udoma Udo Udoma, said this at the 2017 budget breakdown in Abuja.

He said the total revenue projected was N5.08tn, with 11 percent coming from the recoveries made.



“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 said 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.

According to him, Company Income Tax (CIT) will contribute 15.9 per cent, Value Added Tax (VAT) 4.8 per cent, Independent Revenue 15.9 per cent and others 5.2 per cent.

He also said the projected budget deficit which stood at N2.36tn remained relatively low at 2.18 percent of the Gross Domestic Product (GDP).

“This is within the 3 percent threshold stipulated in the Fiscal Responsibility Act (FRA).

“The budget is to be financed mainly by borrowings which have been projected at N2.32tn.

“Of this amount, N1.07tn is intended to be sourced externally, while N1.25tn will be sourced domestically.”

Udoma stated that N35bn is expected as revenue from the outright sale of government property and privatisation of state-owned enterprises.

He said to generate the projected revenue, the Federal Inland Revenue Service (FIRS) and Customs had been challenged to improve their efficiency and broaden their reach to achieve the set targets in the 2017 budget.

He said the Federal Government would strive to maximise the revenues it could generate from the oil and gas sector because the foreign exchange generated from the sector was critical for plans to diversify to the non-oil sectors.

“It is important that we use what we have to get what we need and want and what we have is oil.

“It is important that we make sure there is peace in the Niger Delta so that we can achieve the maximum from that resource,” he said.

The N7.44tn budget was signed into law by the Acting President, Prof. Yemi Osinbajo, on June 12, a month after it was passed by the National Assembly.

Referred to as the ‘budget of recovery’, the budget was first presented on Dec. 14, 2016, to the two chambers of the National Assembly by President Muhammadu Buhari at an estimate of N7.30tn.

The lawmakers, however, increased it by N143bn.


http://punchng.com/fg-to-finance-11-of-2017-budget-with-recovered-loot/
...Yes the usual 'April-fool' has started again.
Re: FG To Finance 11% Of 2017 Budget With Recovered Loot by Ajeyo(m): 10:14pm On Jun 19, 2017
Great news,it has never happened before!

1 Like

Re: FG To Finance 11% Of 2017 Budget With Recovered Loot by Paulono: 10:19pm On Jun 19, 2017
seunmsg:
The Federal Government said on Monday it would use a fraction of the looted funds recovered so far to finance part of the 2017 budget.

The Minister of Budget and National Planning, Sen. Udoma Udo Udoma, said this at the 2017 budget breakdown in Abuja.

He said the total revenue projected was N5.08tn, with 11 percent coming from the recoveries made.



“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 said 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.

According to him, Company Income Tax (CIT) will contribute 15.9 per cent, Value Added Tax (VAT) 4.8 per cent, Independent Revenue 15.9 per cent and others 5.2 per cent.

He also said the projected budget deficit which stood at N2.36tn remained relatively low at 2.18 percent of the Gross Domestic Product (GDP).

“This is within the 3 percent threshold stipulated in the Fiscal Responsibility Act (FRA).

“The budget is to be financed mainly by borrowings which have been projected at N2.32tn.

“Of this amount, N1.07tn is intended to be sourced externally, while N1.25tn will be sourced domestically.”

Udoma stated that N35bn is expected as revenue from the outright sale of government property and privatisation of state-owned enterprises.

He said to generate the projected revenue, the Federal Inland Revenue Service (FIRS) and Customs had been challenged to improve their efficiency and broaden their reach to achieve the set targets in the 2017 budget.

He said the Federal Government would strive to maximise the revenues it could generate from the oil and gas sector because the foreign exchange generated from the sector was critical for plans to diversify to the non-oil sectors.

“It is important that we use what we have to get what we need and want and what we have is oil.

“It is important that we make sure there is peace in the Niger Delta so that we can achieve the maximum from that resource,” he said.

The N7.44tn budget was signed into law by the Acting President, Prof. Yemi Osinbajo, on June 12, a month after it was passed by the National Assembly.

Referred to as the ‘budget of recovery’, the budget was first presented on Dec. 14, 2016, to the two chambers of the National Assembly by President Muhammadu Buhari at an estimate of N7.30tn.

The lawmakers, however, increased it by N143bn.


http://punchng.com/fg-to-finance-11-of-2017-budget-with-recovered-loot/ This is another method to re-loot the money. Politicians has plunge this country into a deep mess
Re: FG To Finance 11% Of 2017 Budget With Recovered Loot by shineeye1: 10:36pm On Jun 19, 2017
TRY HARDER NIGERIA.
LOOTS CAN FINANCE WHOLE BUDGET ----- FOR A DECADE!
Re: FG To Finance 11% Of 2017 Budget With Recovered Loot by Nobody: 10:46pm On Jun 19, 2017
This government and their clueless campaigns.

1 Share

Re: FG To Finance 11% Of 2017 Budget With Recovered Loot by sportskid(m): 10:57pm On Jun 19, 2017
NextGovernor:
Propaganda and Useless government. They said 2 trillion plus have been recovered. Now they are giving 11% of looted funds recovered for 5trillion budget.

11% of 5trillion is about 500 billion plus. What about the 1.5trillion in the remaining 2trillion as claimed by EFCC. Abi them feel say everybody na zombie?

Very soon they will say Evans (Kidnapper) recovered billions will complete the remaining 89%.

Nonsense people.

My guy you sabi book

1 Like

Re: FG To Finance 11% Of 2017 Budget With Recovered Loot by nwakibie3(m): 11:11pm On Jun 19, 2017
“So, the money quoted in the budget is the one we have already recovered and in our pocket to spend as we wish.’’

Ayam not understanding
Re: FG To Finance 11% Of 2017 Budget With Recovered Loot by Nobody: 11:30pm On Jun 19, 2017
ibkayee:
To be looted again
looters are having a hard time now, things are better in terms of fiscal discipline
Re: FG To Finance 11% Of 2017 Budget With Recovered Loot by dewale1234(m): 11:51pm On Jun 19, 2017
wristbangle:
It is good to hear. So when are they going to use the rest 89%?

Your teacher should be arrested. You have issues with comprehension and it wasn't detected on time.
Re: FG To Finance 11% Of 2017 Budget With Recovered Loot by Raskee: 12:13am On Jun 20, 2017
Chineke me! If loot can finance 11% of d budget, it means d entire loot is bigger than Nigeria economy angry angry
Re: FG To Finance 11% Of 2017 Budget With Recovered Loot by Eazybay(m): 12:18am On Jun 20, 2017
Well this is as honest as this DISHONEST govt can get!!

First it was suggested they open an acct for recovered loot, dey declined. No one has come out to give a clear figure and we all know why..

The budget would be financed mainly by BORROWING..

Second forget about dat diversification shit

There has to be peace in the Niger Delta, and the govt must have invested (bribed) a lot to keep the cash cow in good shape.. We are still oil drunk, budget of recovery indeed.

1 Like 1 Share

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