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/

All those asking questions about the whereabout of recovered loots, I hope you have your answers now.

It is good to hear. So when are they going to use the rest 89%?

So sorry modified: 11% from the looted funds is enough to finance the budget. But na wao! It shows the money these evil people loot is enough to feed Nigerians for the next 80years sef

That is over 500 billion naira! Wawu. They don finish this country.

wristbangle:
It is good to hear. So when are they going to use the rest 89%?

Next time, read the news very well and understand properly before asking your question.

wristbangle:
It is good to hear. So when are they going to use the rest 89%?

Try to understand before commenting

seunmsg:


Next time, read the news very well and understand properly before asking your question.

rottennaija:


Try to understand before commenting

I didn't bother to read the article earlier hence my reason to jump into conclusion (my bad ) 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

Then they re-loot again.....

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.

Lexusgs430:
Then they re-loot again.....

U just spoke my mind

SHAARRRAAAAPPPPP DERE



ALL THE IMAGINERY LOOTS REACH TO FINANCE OUR BUDGET FOR ATLEAST 3YEARS....



ABI UNA DON TURN DAVIDO



Well.....
IF U NEEDED PROOF ABT OSIBANJO BEING NOTHING BT A MERE PICTURE IN THE PRESIDENCY, THE LATEST CHARADE ABT THE REMOVAL OF C.R.K IA THERE FOR ALL TO SEE.....
ABBA KYARI ABI HABA KWARA IS CALLING THE SHOTS WHILE OSI IS BUSY ON A FUTILE VISITATION LIKE HE DID TO NIGER DELTA

I am keenly interested in what this administration has to offer to Nigerians and not this unnecessary theatrics....

Igbo Jews won't like this..

So by next year when we ask "Where are the recovered loots"? they will say it was added to the budget with nothing to show for it....

Government for Tourism...

Ok

These people.
How much was recovered?

seunmsg:
All those asking questions about the whereabout of recovered loots, I hope you have your answers now.

Lalasticlala, over to you.

Robotic robot.

Methinks you need to be tested with a captcha.

Are you the person referred to in ...

https://www.nairaland.com/3870464/lai-mohammed-gangster-minister-shameless

Na una sabi...if govt likes, mk dem finance am with daily contribution

Oluvico007:

U just spoke my mind

That's the truth. Questions needs to be asked about the 2016 budget and its implementations.....

This news dey make me vex......

See, If I bite Buhari Old Blokus ehn.......


He go wake up frm London n trek come Naija

wat nonsense

In other words, 11% of a Nations budget was stolen by few persons in a country of 170,000,000 wonderful people.
Welcome to kuvuki land.

N

A smart way of telling us that they are going to reloot the money. Why not use so caled recovered loot for specific projects that we can see instead of mixing them up in other monies. APC is a scam! Buhari's ptf was funded from increase in fuel price - why should he not copy the system of abacha his mentor- and use monies from increase in fuel price and recovered loot for specific projects? Very sad

Way to go.

Where is madam froggy eyes petrol thief dieziani? She must be brought to book and put in chains like Evans

gurunlocker:
So by next year when we ask "Where are the recovered loots"? they will say it was added to the budget with nothing to show for it....

Government for Tourism...

DO you want them. To bring it to your room or what?

let us hope that it doesn't get re-looted.

Why are Zombies rejoicing over this as if it's one big achievement.. Naija always celebrating mediocrity

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.

I don't blame you