Mrs. Zainab Ahmed, Honourable Minister for Finance, Budget and National Planning

Why Nigerian Government borrows from recovered looted funds ─Minister

*The Minister for Finance, Budget and National Planning informs the House of Representatives ad-hoc Committee that the Federal Government got N50 billion from recovered loot to fund the 2020 Budget for repayment in the next year’s budget

Alexander Davis | ConsumerConnect

Explaining that there are two types of recovery accounts: interim forfeiture and final forfeiture accounts, which Federal Government keeps, Mrs. Zainab Ahmed, Honourable Minister for Finance, Budget and National Planning, has appeared before the Nigerian House of Representatives ad hoc committee investigating the assessment and status of recovered loot of how the authorities manage the funds.

ConsumerConnect learnt the Minister, who disclosed that N50 billion was provided from recovered loot to fund the 2020 Federal Budget, however, told the committee that she has no idea of the number of accounts being used to keep the recovered loot.

Earlier, Hon. Adeogun Adejoro, Chairman of the Committee, said that it was necessary for the ad hoc committee investigating the assessment and status of recovered loot to know the amount of recovered loot and where it was being kept in the country.

Mrs. Ahmed stated that her ministry has a record of amounts that had been recovered and the amount that had come into the account.

According to her, in respect of the case of interim forfeiture, the investigation has not been concluded, and as such, the Federal Government could not touch the money.

Until investigations are concluded, the money could not be utilized, the Minister reportedly said.

She also noted that the government borrowed from recovered loot to fund its operations, stating that the unusual circumstances in which the country has found itself had made it difficult to repay the loan.

Ahmed, however, informed the Committee that the government hopes to pay back the money borrowed from the recovered looted funds in the 2022 Budget.

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