No figure on returned loot yet – Adeosun


•As FG,  States, LGS share 400 b 

The Federal Government is yet to put a specific figure to the amount of money so far returned by those who looted the treasury, as disclosed by President Muhammadu Buhari. The Minister of Finance,  Mrs. Kemi Adeosun,  told journalists , at yesterday’s Federation Accounts Allocation Committee , FAAC, meeting, in Abuja, that the process was still on-going.

According to her, when collated, the funds would be returned to where they were stolen from as appropriate. Her words, “There is no figure on the funds being returned yet.  The process is on-going.  When it is completed and the accounts are available, they would be returned to where they were stolen from.  We haven’t come to that yet.”

Meanwhile, the sum of N 400. 310 billion was shared among the three tiers of government as revenue earned in the month of October  and meant for November expenditure.  It represent a N78.314 billion increased above the N321.996 shared in the previous month. The federal government took a total of N200.662 billion from both federation Account and Proceeds of Value Added Tax, VAT. States and Local Governments received N126. 177 billion and N95.303 billion, respectively.  The oil producing states got an additional N24.141 billion as derivation on oil revenue.

 

Check the Vanguard newspaper for the full story.

 

 

 

 

 

 

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