WHY RECOVERED LOOT CAN'T BE SPENT NOW----FG

The Minister of Finance, Mrs Kemi Adeosun, has revealed that the federal government has, aside cash, recovered landed properties, high valued automobiles and jewelries from looters, pointing out that most of the monies recovered from treasury looters could not be used because they are bug down with
litigations.

Adeosun spoke yesterday at the National Assembly during an interactive meeting on the performance of the 2016 Budget with the Senate Committee on Appropriation. She explained that some of the buildings recovered had been converted into office spaces for government agencies that had no permanent offices, while the high valued cars could be used for the conveyance of foreign dignitaries on a visit to the country. The minister further let the Senate Committee in on the obstacles being experienced by the Nigerian government on the recovery of stashed loots in Switzerland and United States. “The process of recovering looted fund is an ongoing process. Indeed, money comes almost on daily basis into those accounts. We have not recovered much from foreign money. It is a little more difficult,” she noted. The Attorney-General of the Federation, Mr. Abubakar Malami SAN had stated that the Federal Government has no exact figure of Nigeria’s looted funds abroad ; stating that Nigeria would continue to liaise with other countries on the repatriation of looted funds.

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