See the Staggering Amount of Money FG Targets to Recover From Political Looters in 2016

 

The year 2016 might be a year of recovery for the President Muhammadu Buhari led adminstration as the Federal Government is planning to recover a total sum of N350.33bn from funds said to have been misappropriated in the public sector as part of its revenue drive in the 2016 fiscal year.

 

Details of the amount to be recovered, which had already been captured in the Medium Term Expenditure Framework and Fiscal Strategy Paper for 2016-2018, as President Muhammadu Buhari during the presentation of the 2016 budget to the National Assembly spoke on the importance of sustaining the economy through proactive methods so as to successfully change the economy for the better. 

 

Investigations by correspondent showed that from the N350.33bn expected to be recovered next year, N137.9bn is proposed to be recovered from what the fiscal strategy paper described as ‘Strategic Alliance Contract’

 

Senior Special Assistant on Media to the President, Mallam Garba Shehu, had said the NNPC had commenced the process to ascertain the amount due to the FG on the Strategic Alliance Contract entered into by the Nigerian Petroleum Development Company, where $2.46bn was to be recovered.

 

Shehu had, in a statement recently, said in a report submitted by the management of the corporation to the President, the NNPC revealed that after an extensive investigation into the various oil swap contracts, a sum of $420m had so far been reconciled in favour of the NNPC.

 

The $420m, according to Shehu, is now due for recovery from the legacy swap contracts. “Out of the reconciled amount, the sum of $277m had been recovered in lieu of products and the recovery efforts are still ongoing,” the presidential spokesman had said. Findings revealed that the N350.33bn to be recovered next year would form part of the expected revenue that would accrue to the Federal Government for the funding of its N6.07tn budget for 2016.