![Minister of Budget and National Planning Senator Udoma Udo Udoma [Photo Credit: Channels TV]](https://i0.wp.com/media.premiumtimesng.com/wp-content/files/2017/02/Udoma-Udoma.jpg?fit=650%2C350)
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.
“On recoveries, we are being extremely
conservative; what is in the budget is what we know about already.
“So, if more comes, we will use it.
“Know that recoveries of looted funds are not
the most dependable way to finance the budget because of the legal processes
that have to be concluded before it can be spent.
“So, the money quoted in the budget is the one
we have already recovered and in our pocket to spend as we wish.’’
He said the total revenue projected exceeded
the 2016 projection by 30.26 per cent, adding that oil revenue projection was
put at 41.7 per cent compared to 19 per cent in 2016.
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