The minister of Finance, Mrs Kemi Adeosun, has said that most of the monies recovered from treasury looters could not be used because they are bug down with litigations.
The Finance MMinister made the disclosure at the National Assembly, yesterday, during an interactive meeting on the performance of the 2016 Budget with the Senate Committee on Appropriation; noting that other valuable assets such as landed property, jewelries and high valued automobiles were also recovered.
Adeosun said some of the buildings recovered had been converted into office space for government agencies, who had no permanent offices, while the high valued cars could be used for the conveyance of foreign dignitaries on a visit to the country.
Themminister further informed the Senate Committee on the obstacles being faced by Nigerian government on the recovery of stashed loots in Switzerland and United States.
“The process of recovering looted fund is an ongoing process. Indeed money comes almost on daily basis into those accounts. We have not recovered much from foreign money. It is a little more difficult,” she noted.
Meanwhile, her counterpart in the Ministry of Budget and National Planing, Senator Udoma Udo Udoma, who was part of the interaction along with his minister of state, Zainab Ahmed, disclosed that a whopping sum of N2.5 trillion have been released and cash-backed for recurrent, service wide votes, statutory transfer and capital expenditures in the 2016 Budget between January and September.
This is just as the minister of Finance revealed how some revenue generating agencies inflated their expenditures in order to sabotage the Treasury Single Account (TSA), vowing that the personnel involved will soon be handed over to the Economic and Financial Crimes Commission (EFCC).
Giving the breakdown of the releases made so far for the 2016 budget, she said N753 billion was released for capital expenditure; N117 billion for statutory transfer; N135 billion for service wide; N108 billion for over head; consolidated pension, N142 billion; while total personnel cost ist N1.2 trillion.
She added that the federal government was still waiting for the finalisation of an agreement with the EXIM Bank of China on the funding of rail projects in the country.
For his part, the chairman of the Senate Appropriation Committee, Senator Danjuma Goje, expressed satisfaction of the committee with the implementation of 2016 budget so far, urging the relevant ministers not to change renege on their oars.