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Recovered Funds A Top Secret, Says Finance Minister


Kemi-Adeosun• Money May Be Repatriated To Owner Agencies
• FG, States Share N473.8bn FAAC Revenue 

LOOTED funds being returned reportedly by former federal government officials, as announced by President Muhammadu Buhari, in Tehran, last week, remains top secret, as no specific figure has been named.

Contrary to the expectations of many Nigerians that the alleged ‘recovered funds’ might form a major source of financing the 2016 budget, however, the money might instead be repatriated to agencies they were looted from.

This indication was made Friday night by the Minister of Finance, Mrs. Kemi Adeosun, at the end of her maiden Federation Accounts Allocation Committee (FAAC) meeting, which she also chaired.

Conventionally, the Minister of State, Finance, chairs the FAAC. But with the absence of such office in the current administration, following the transfer of the Budget Office of the Federation to the National Planning Ministry, the responsibility fell on the Minister of Finance.

In her remark, Adeosun said: “There is no figure on the funds being returned yet. The process is ongoing. When it is completed and the accounts are available, they would be returned to where they were stolen. We haven’t come to that yet.”

The minister is equally unaware of the account where lodgment of the ‘recovered fund’ is made at the Central Bank of Nigeria (CBN), whether it’s the joint Federation Account of the three tiers of government or the federal government’s Consolidated Revenue Fund (CRF).

Commenting on the FAAC meeting, held to distribute federally collected revenue for the month of October, the Finance Minister informed that federal, state and local governments shared a total sum of N473.8bn, representing an increase of N83.89bn, when compared to the N389.93bn distributed in the month of September.

She said the amount shared comprised revenue from statutory sources made up of N388.59bn and Value Added Tax N57.78bn. Of this amount, the statutory allocation to the three tiers of government, she said was: federal government N191.99bn; states N97.38bn and local governments N75.07bn.

Adeosun also said the sum of N24.14bn was allocated to the oil producing states, based on the 13 per cent derivation principle, while under the Value Added Tax (VAT) allocations, the federal government received N8.66bn, state governments pocketed N28.89bn and local governments were given N20.22bn. She put the gross statutory revenue for the month of October at N400.31bn, stating that this was higher than the N321.99bn received in the month of September.

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  • Concerned Nigerian

    Recipe for stealing without getting caught. Reveal the amounts and conceal the loot returners would be a more transparent way of doing things

  • amador kester

    Top secret? That is antipodal and antonymical to the fundamental tenents of transparency and accountability from any perspective you view it and this is unfortunate

  • christopher

    sharing money.. how do U bake a BIGGER CAKE…

  • 100%Iboguy

    The competition for sensationalism is becoming a comic to readers of Nigerian newspapers. There is nothing in the news report to substantiate the claim of secrecy attributed to the minister.

    It is understandable that all the newspapers report the same news and there is the need to embellish news report a bit to differentiate newspapers. The only problem here is the credibility implication.

  • TAJ

    We know it is a top secret. This is another term for mis-appropriation of government funds by the Brainless man in Aso rock. The only thing he appears to be intelligent at is using those around him to do the stealing on his behalf, his antecedent from his PTF days has not been forgotten. His reticence at appointing Ministers was obviously to give him the fullest opportunity to recoup his election spending without the watchful eyes of sitting ministers.

    Let them keep stealing and sharing our money in secrecy. Every day for the thief and one day for the owner.

  • Isaac Akande

    Change, APC and change, why top secret, please madam minister don’t allow yourself to be rubbished. You should understand the implications of the statement you are making.

  • Nuel

    My problem with this Govt is the way they lie amazingly with confidence. Do you think Nigerians are fools? Where are the monies recovered? Why make it a top secret since its FG funds. Perhaps, the only reason why Buhari has refused to disclose the monies recovered is his party members are part of the looters.