20% Of 2017 Budget To Be Financed With Recovered Loot

The senior special assistant to the president on prosecutions, Okoi Obono-Obla, has revealed that 20 percent of the 2017 budget will be financed with recovered loot.

Obono-Obla who made this known on Tuesday while speaking with journalists in Abuja said that the federal government would liaise with the national assembly for permission before the funds would be used.

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He commended the All Progressives Congress(APC) administration as it had ensured the stability of the country’s polity and had halted corruption in public offices.”

He also denied media reports that the APC was going through leadership crisis.

The presidential aide said that the party would continue to be in power “as long as it continued to serve the interest of Nigerians by delivering true democracy dividends.”

Acting President Yemi Osinbajo had on Monday, June 12, signed the 2017 budget.

Prof Osinbajo said the 2017 budget which he christened “Budget of Economic Recovery and Growth” reflects this administration’s commitment to ensuring strong linkage between the medium-term Economic Recovery and Growth Plan, ERGP, recently launched by President Buhari, and the annual budgets.

2017 budget

Explaining the reasons for the delay in the signing of the budget AP Osinbajo said:

“This was largely due to disagreements we had about the changes introduced to our 2017 Budget proposals by the National Assembly.

“The Executive took the view that the changes fundamentally affected some of our priority programmes and would make implementation extremely difficult and in some cases impossible.”

He, however, noted that the disagreements were resolved and the leadership of the National Assembly promised to return to a predictable January to December fiscal year, because it will be in accordance with the financial year of most private sector companies, underscoring the crucial relationship between government and the private sector.

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The Acting President also revealed that the 2018 budget will be submitted to the National Assembly by October 2017, as they will be working towards the passage of the 2018 budget into law before the end of 2017.

Noting that budget signing as an important milestone in the implementation of the economic and growth plan programme put in place by President Buhari in April.

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