Nigerian government will be bailed out of its budget funding through its strategic planning over the years which made it so easy for government workers and politicians to steal with impunity. Now with a stroke of genius, government will use the recovered stolen fund as though it is a strategic savings account which can be tapped in the time of scarcity. For the 2017 budget, the looted funds come handily. Nigerian government will fund its budget to the capacity of N559 billion (about $1.8 billion) from recovered looted funds, according to News Agency of Nigeria.
The federal government said on Monday it would use a fraction of the looted funds recovered so far to finance part of the 2017 budget.
The Minister of Budget and National Planning, Udoma Udoma, said this at the 2017 budget breakdown in Abuja.
He said the total revenue projected was N5.08 trillion, with 11 per cent (about N559 billion) coming from the recoveries made.
Now, they will allow them to continue to loot instead of strengthening processes to prevent corruption. But as you can imagine, these looted funds can be helpful.
But give the present government credit for actually making these looted funds work for the citizens. But its greatest legacy will be making sure Nigeria does not have to rely on looted funds to fund its future budgets. We need to close all the holes that make stealing possible!
Tekedia Mini-MBA edition 16 (Feb 10 – May 3, 2025) opens registrations; register today for early bird discounts.
Tekedia AI in Business Masterclass opens registrations here.
Join Tekedia Capital Syndicate and invest in Africa’s finest startups here.