The Federal Government has disclosed that recovered looted funds would be used in funding part of the 2017 budget.
This is coming after Governor Ayodele Fayose of Ekiti state challenged the Federal Government to give an account of the looted funds recovered.
This was revealed by the Minister of Budget and National Planning , Senator Udoma Udo Udoma.
He noted that N2.1trillion had so far been expended out of the N6.06trillion budgeted for 2016.
He, however, added that only N253billion out of the N1.8trillion earmarked for capital projects had been spent so far
He further said that the 2017-2019 Medium Term Expenditure Framework (MEFT) will be ready for submission to the National Assembly by October.
“We should draw lessons from the mistakes of the last budget. We have all seen that the revenue projections for 2016 were over optimistic. This is why we are finding it difficult to get money to fund the budget, especially the capital expenditure.
“In 2017 onwards, we should be more empirical in our revenue forecast.
“Let it be more realistic so that there won’t be a deviation of more than minus or plus five per cent. This is because if we have more money, we can do supplementary budgets rather than have an overly optimistic revenue projection and, at the end of the day, we are not able to fund our budget, ” he said.