2016 Budget : N565bn RECOVERED LOOTS, FORMS PART OF 2017 BUDGET

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A total of N565billion stolen funds have been
recovered by the government and included in the
2017 budget.
This is revealed in a revised Medium Term
Expenditure Framework (MTEF) submitted to the
National Assembly last week.
President Muhammadu Buhari is expected to present
a proposed budget of N7.28 trillion for 2017 at a joint
session of the National Assembly today, an increase
of about 19.95 per cent over 2016 budget of N6.07
trillion.
The MTEF, however, showed that the amount
included $320million equivalent to N97.6 billion
Abacha loot being expected from the Swiss
government.
Minister of Budget and National Planning, Senator
Udoma Udo Udoma said yesterday the money was
almost ready.
“It is virtually at hand… We believe we will get it,” he
said during a meeting with the Senate Committees on
Finance, Appropriation and National Planning on
MTEF/Fiscal Strategy Paper (FSP).
The recovered funds included N261billion domestic
recoveries and another N205.5 billion tagged “other
FGN recoveries.”
Minister of Information and Culture, Alhaji Lai
Mohammed in June revealed that the government had
recovered cash totalling N78.3billion, $185million,
3.5million Pounds Sterling and 11, 250 Euros.
The Federal government targeted 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.
Also, the Federal government is proposing to borrow
N2.3trillion to finance deficit in the 2017 budget.
While N1.2 trillion is expected to be sourced locally,
N1.067trillion would be sourced from abroad.
For debt service, the Federal government proposed
N1.6 trillion for both domestic and foreign debts.
In the document, N115billion was budgeted for the
National Assembly for the 2017 fiscal year same as in
2016.
On borrowing for 2017 budget, Udoma said the
government would take N1.067trillion equivalent to
$3.5billion from World Bank and Euro bond.
Also speaking, the Director General of the Budget
office, Mr. Ben Akabueze said the N1.2trillion
domestic loan for the 2016 budget has been fully
drawn.
Similarly, the House of Representatives yesterday
commenced consideration of the 2017-2019 MTEF/
FSP ahead of President Muhammadu Buhari’s budget
presentation today.
The consideration was sequel to a motion by House
Leader, Femi Gbajabiamila, who said the MTEF was
submitted in line with Section 11 (2) of the Fiscal
Responsibility Act, 2007.
He said the Act also provides that MTEF should
contain a macro-economic framework setting out the
macro-economic projections for the next three
financial years.
After debate on the motion, with some lawmakers
arguing that some of the projections were not
feasible, the House referred the two documents to
the committees on finance, appropriations, national
planning and economic development, legislative
budget and research and, aids, loans and debt
management to scrutinize and make
recommendations to the House.
N/Assembly wears new look
Meanwhile, our correspondents observed that the
National Assembly premises wore a new look ahead
of Buhari’s budget presentation.
It was observed that some major parts of the
building, especially the White House, where the two
chambers of the federal legislature are located, were
painted yesterday, while the grasses around the
premises were trimmed.
Daily Trust further gathered that all civil servants and
many other support staff at the National Assembly
were asked not to come to work today as the
president presents the budget estimates.

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