Home Business Why recovered loot can’t fund budget –Adeosun
Business - May 18, 2017

Why recovered loot can’t fund budget –Adeosun

FG extends 2016 capital budget tenure
Kemi Adeosun, Minister of Finance

Minister of Finance, Kemi Adeosun has ruled out the chances of Federal Government relying solely on recovered loot from former political office holders as basis for funding the 2017 budget.

Speaking at an Abuja Town Hall meeting in Abuja, Adeosun said the government was working to block wastage, increase GDP and embark on single window project execution.

Adeosun said the government would rather go for short term borrowing (bond issuance) than rely on recovered loot to fund the annual budget.

“We cannot afford to rely on recovered loots to fund our budget, we have to go on short term borrowing,” she said. “What borrowing does for us is that it gives us flexibility because if we recover a lot from looted funds, we can always pay back.”

“It takes a long time to recover this looted money. Take a look at the Abacha loot, it has been with the Swiss government for 20 years and yet we still don’t have it back. Even on the funds recovered from government officials, we keep going to court to get them back.”

The National Assembly recently passed the 2017 Appropriations Bill, raising the budget from N7.28 trillion earlier proposed by President Muhammadu Buhari in December last year, to N7.44 trillion.

Adeosun said apart from the Treasury Single Account, (TSA), the whistle blowing policy is a vital tool, which has made every Nigerian a detective.

“We have over 2,500 tips from various quarters in the country through the whistle blowing policy, not just the big ones but also the small money. Someone diverting the petty cash for the university, we are able to get in there and stop it. The fight against corruption is for everybody.” Mrs. Adeosun said some of the whistle blowers were not seeking any financial reward but only exposing corruption out of patriotism.

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