President Muhammadu Buhari has concluded plans to use not less than N566 billion from recovered funds to be part of the money that would be used to finance 2017 budget.
This is contained in the revised Medium Term Expenditure Framework (MTEF) forwarded to National Assembly for consideration.
Our correspondent observed that in the MTEF earlier forwarded to National Assembly, the column for recovered loots was empty but the recovered loots was included in the revised MTEF.
In the MTEF proposal, the total amount of recovered loots are worth N565 billion.
The source of the recovered loots includes N97.6 billion (US$320 Million) looted fund from Swiss, N261 billion was domestic recoveries, Assets and fines, and other Federal government recoveries was N205 billion.
The adjustment of MTEF has now jerked up 2017 budget to N7.3 trillion contrary earlier proposed N6.8 trillion.
The exchange rate has been moved from N290 to a dollar to N305 to a dollar.
The government still sticks to 2.2 million barrels of Crude per day.
In the MTEF, the National Judicial Council (NJC) budget was jerked up from N51 billion to N61 billion in revised version of 2017 MTEF, Universal Basic Education (UBEC) was increased from N83 billion to N92 billion in the revised version of MTEF.
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