TheCable

The National Budget Office says it is projecting using N250 billion out of funds recovered from corrupt officials to finance the 2017 budget.

Ben Akabueze, director-general of the office, disclosed this while fielding questions from reporters at the presidential villa in Abuja, on Monday.

Akabueze said N72 billion of the money had already been recovered.

“We are projecting N258.6 billion looted funds to be part of the revenue to finance 2017 budget,” he said.

“Also to be included in budget financing is $320 million, which is N97.6 billion recovered the loot of Sani Abacha expected from Swiss government.

“The balance of N90 billion will be from other expected recovery loot which are now at advance stages.”

Udoma Udoma, minister of budget and national planning, said based on the key assumption and budgetary reform initiatives, the 2017 budget envisaged a total federal government revenue of N4.94 trillion.

He said the figure exceeded the 2016 financial year projection by 28 per cent.

“The projected revenue receipt from oil is N1.985 trillion and non-oil, N1.373 trillion,” he said.

“The contribution of oil revenue is 40.2 per cent compared to 19 per cent financial year of 2016 in addition to cost reduction, higher price, exchange rate and additional oil related revenues.”