‘20 per cent of Nigeria’s 2017 budget to be funded with recovered loot’

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The budget is expected to have a N2.36 trillion deficit, Osinbajo said.

Senior Special Assistant to President Muhammadu Buhari on Prosecutions, Okoi Obono-Obla, said on Tuesday that part of the 2017 budget will be financed by recovered looted funds.

Obono-Obla stated this on Tuesday in Abuja while speaking with journalists on what the federal government was doing with looted funds so far recovered.

“About 20 per cent of this year`s budget will be financed from our recovery effort,’’ he said.

He added that the federal government would, however, liaise with the National Assembly for permission before the funds would be used.

The Acting President, Yemi Osinbajo, on Monday signed the N7.44 trillion budget into law.

The budget is expected to have a N2.36 trillion deficit, Osinbajo said.

“The projected fiscal deficit of N2.36 trillion is to be financed largely by borrowing,’’ the acting president added.

However, Obono-Obla did not clarify if the 20 per cent he referred as being funded by recovered funds was of the total budget, or the N5.08 trillion that the government expects to finance itself.

The president’s aide commended the Federal Government, saying that it had ensured the stability of the country`s polity and had halted corruption in public offices.