FG explains what looted funds being recovered are used for

macfranc007 October 11, 2017 Nigeria News today & Breaking news ▷ Read Nigerian newspapers 24/7 Chika Jones

- The question of what the looted funds being recovered by the present administration are used for has been answered

- The federal government has revealed that these recovered funds are used to finance the 2017 budget

- President Buhari also said power generation has peaked at an all-time high of 7,001 Megawatts

According to the federal government, part of the stolen funds recovered from those that looted the economy is being used to finance the 2017 budget.

This was disclosed by the accountant general of the federation, Alhaji Idris Ahmed, who represented President Muhammadu Buhari at the 22nd annual conference of the Association of National Accountants of Nigeria (ANAN) in Abuja.

At the conference which held on Tuesday, October 10, he also said the decision had been collectively taken by the government to use some of the recovered stolen funds to finance the 2017 budget.

According to Punch, Buhari said: “My administration has practically done much in delivering on its core focus of diversifying the economy.

“Part of the stolen funds recovered is being used by government to finance the 2017 budget. Power generation has peaked at an all-time high of 7,001 megawatts in the third quarter of 2017.”

On the matter of electricity, the president also disclosed that the government was aiming at the production of 10,000 megawatts of electricity by the year 2020.

According to him, the firm implementation of the Treasury Single Account (TSA) since September 2015 had significantly enhanced transparency in the federal government’s public financial management system.

ANAN chairman of council, Alhaji Shehu Ladan, pledged the support of the association to the government’s economic agenda.

Ladan said: “The accountant is key. We are calling on our members to increase their integrity quotient. As an association, we are strengthening our discipline mechanism to ensure that members found wanting do not go unpunished.”

He also said it was important for the government to ensure the reinvestment of the recovered stolen funds to make for quicker recovery of the economy.

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NAIJ.com earlier reported that President Buhari has formally written to the National Assembly to approve a loan request of $6.5 billion.

The president made the request known via a letter addressed to Senate president, Bukola Saraki, and speaker, House of Representatives, Honourable Yakubu Dogara.

According to the letter, the loans will be sourced through issuance of Euro and Diaspora bonds.

STREET GIST: Signing of 2017 budget in June, same old story? - on NAIJ.com TV.