Recovered loot Cannot Fund Budget – Finance Minister

Minister of Finance, Kemi Adeosun, has said the Federal Government cannot rely on loot recovered from former political office holders.

Speaking at an Abuja Town Hall meeting in Abuja, 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.

“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.” she said

The Minister said the government was working to block wastage, increase GDP and embark on single window project execution.

Adeosun said asides the Treasury Single Account, TSA, the whistle blowing policy 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.” the Minister said.

By Bright Bassey

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