Federal government has said the N288.6b recovered loot will be used to fund part of the 2017 budget just as they assured that the government has no plans of retrenching workers or increasing taxes next year.
Minister of Budget and Planning, Udoma Udo Udoma spoke during the public presentation of the 2017 budget proposals.
Answering questions on how much the government has recovered so far, the Director General of Budget, Ben Akabueze said a total of N288.6 billion which include N97.6 billion which is equivalent of $220 dollars expected from the Swiss, part of what is called Abacha loot recovery.
According to him, “a total of N288.6 billion. These include N97.6 billion which is equivalent of $220 dollars expected from the swiss, part of what is called Abacha loot recovery. Then it also includes N72 billion that has already been received in recent cases of loot recovery.
” And a balance of N90billion other expected recoveries that are at an advanced and reasonable stage that we feel comfortable and confident that they would come through in 2017 and so they have been reflected in the budget.
On his part Udoma said :No plans to retrench workers but we will make sure personell cost are managed and taxes will not be increased .
He also disclosed that a cabinet commitee has been set up by President Muhammadu Buhari to find creative ways of getting additional revenue from the oil sector and report of that committee will be ready in time to be presented to the National Assembly before they resume from their Christmas recess .
He further said : Nigeria is in recession. Inflation and unemployment have been rising. As a government, we are determined to bring succor to our people. The only way we can do this is by taking strong action to change, in a fundamental way,the current trajectory of the Nigerian economy.
” This is not the time for timid and cautious approach. This is a time for bold and focussed action. To get out of this recession and back on the path of growth, government must find the resources to spend on infrastructure and to spend go reflate the economy.
This spending will help to stimulate and attract private sector capital and private sector spending. This is what the 2017 budget proposal seek to do.
