2017 budget: FG targets N565 billion from recovered loot, MTN fine

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Minister of Budget and National Planning, Senator Udoma Udoma.

The Federal Government hopes to raise a total of N565 billion from recovered loot and fines to be paid by MTN Nigeria to fund the 2017 budget.

The Minister of Budget and National Planning, Udo Udoma, explained on Monday in Abuja during the public presentation of the 2017 budget breakdown that the disruptions to oil production and falling crude prices had made it impossible for the government to meet majority of its revenue projections.

The event was attended by the ministers of Health, Prof Isaac Adewole; Finance, Mrs. Kemi Adeosun; Agriculture, Chief Audu Ogbeh; Information and Culture, Lai Mohammed; and Petroleum Resources, Ibe Kachikwu, among others.

Providing useful insights into how the looted funds would be recovered and used, the Director-General, Budget Office of the Federation, Mr. Ben Akabueze, said that N288.6bn out of the N565bn would come from recovered looted funds.

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