EFCC boss, Ibrahim Magu
EFCC boss, Ibrahim Magu

MINISTER of Finance, Mrs. Kemi Adeosun said yesterday that some directors in government ministries, departments and agencies, MDAs who were found to have been involved in inflating the expenditures of their organizations would soon be handed over to Economic and Financial Crimes Commission, EFCC for proper investigation. Adeosun, who made the revelation when she appeared before the Senate Committee on Appropriations alongside her Budget and National Planning counterpart, Senator Udoma Udo Udoma, confirmed that some revenue generating agencies were actually inflating their expenses. The minister also informed the committee that the recovered looted funds were being paid into the government coffers every day, but she was unable to disclose the actual amount recovered as at present. She told the committee that the federal government was facing some challenges in recovering the looted funds stashed in Switzerland and United States of America, especially the $300million Abacha loot. “The process of recovering looted fund is ongoing, money comes on daily basis. We have not recovered much from foreign money. It is little more difficult”, she said. Specifically, Adeosun said most of the recovered funds were those looted and kept within the country which the Economic and Financial Crimes Commission, EFCC and the Independent Corrupt Practices and other Related Offences Commission, ICPC recovered for the government. She said that high valued cars were part of government assets recovered from past officials, disclosing that the Office of the Accountant General of the Federation is now working with the Fiscal Responsibility Commission to block more leakages in public spending. The minister also said that federal government is still waiting for the finalization of NEXIM bank in China on funding rail project. According to her, “the only way to get the economy moving is to invest in capital projects”, adding that one of the challenges hindering this was revenue growth She however commended the Federal Inland Revenue Service, FIRS for ensuring that over 700 companies which were not paying taxes before now have started to do so. In his remarks, Minister of Budget and National Planning, Senator Udoma Udo Udoma said that N2, 439, 856,964 was the total amount released to ministries, departments and agencies, MDAs so far from the 2016 budget. Giving the breakdown of the releases on 2016 budget, he said N753, 633, 667, 464 was released for capital projects; N1, 299, 925, 394, 317 for personnel; N142, 310, 883, 893 for pension; N180, 498, 117, 270 for overhead and N135,4889, 917, 101 for service wide. Udoma said the present administration has been paying workers salaries as at when due as well as servicing relevant debts since inception. In his closing remarks, Chairman of Appropriations Committee, Senator Muhammad Danjuma Goje expressed satisfaction with the implementation of 2016 budget and urged the ministers not to relent in their commitment to ensuring that all MDAs are given equal treatment in the release of budget funds. He noted that the budget implementation would not only surpass the record of previous years, but would be done earlier for the benefit of Nigerians.

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