Looted Funds: Buhari reveals how recovered funds are spent

President Muhammadu Buhari has disclosed that a portion of the recovered funds, stolen from the treasury, is currently being used to fund the 2017 budget.

The President, represented by the Accountant General of the Federation, Alhaji Idris Ahmed, made the revelation in Abuja on Tuesday, during the 22nd Annual Conference of the Association of National Accountants of Nigeria (ANAN).

The president said, “My administration has practically done much in delivering on its core focus of diversifying the economy. Part of the stolen funds recovered is being used by the government to finance the 2017 budget.

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“Power generation peaked at an all-time high of 7,001 megawatts in the third quarter of 2017.”

He included that his administration’s target is to produce 10,000MW of electricity by the year 2020.

On the implementation of the Treasury Single Account in September 2015, Buhari state that it has substantially aided transparency in the Federal Government’s public financial management system.

Hence, the President has to some extent, answered the question asked by many Nigerians on what the recovered stolen funds were being used for.

Also addressing the conference attendees, ANAN Chairman, Alhaji Shehu Ladan, promised the support of the association in the economic agenda of the Federal Government.

Ladan said, “The accountant is key. We are calling on our members to increase their integrity quotient. As an association, we are strengthening our discipline mechanism to ensure that members found wanting do not go unpunished”.