– Minister Lai Mohammed has said
that Nigeria recovered about N78
billion, and 3 million dollars from
looters since the inauguration of
Muhammadu Buhari
– However, the minister stated that
it’s not enough for what Nigeria
needs to revive economy
Lai Mohammed, the minister of
information, has revealed the amount
recovered by Muhammadu Buhari’s
government so far.
Mr Mohammed stated that these
funds can’t rescue Nigeria’s
economy as they are a far cry from
what the country needs to revive the
economy.
READ ALSO: Nigeria experiences
worst economic recession in 29
years
The minister said this on Friday when
he appeared on a News Agency of
Nigeria (NAN) Forum in Abuja.
The minister, speaking during the
News Agency of Nigeria (NAN)
Forum in Abuja, added that the
amount of money recovered is
always being made public.
He said: “ What we have recovered and
if my record is right is about N78 billion,
and 3 million dollars.
“We have been able to block various
accounts in which about 9 billion dollar
is found but those are not money
available to us because we are still in
court over them.
“The government spends N165 billion
every month to pay federal civil
servants, even what has been so far
recovered will not even pay 50 per cent
of the salaries in a month.’’
Minister Mohammed gave assurance
that every cent recovered will be
sensibly spent and nobody could re-
loot what had been returned under
the incumbent government.
He further clarified that Nigerians
should understand that what had
been recovered was so little in
comparison with what the people
needed on a regular basis.
READ ALSO: Buhari under MASSIVE
fire over Nigeria’s economic
recession
“N400 billion seems a lot, but you must
also understand that for three or four
years contractors were not paid,” he
added.
“So, when we paid this money to
contractors, they also use part of it to
settle their own debt, they use part of it
to recall laid off staff.
“But the truth of the matter is that many
of them have been paid, they are yet to
mobilise to site and they cannot do so
until the rains are over.”
Nigeria has recently announced its
first recession since 1991, according
to Central Bank data.
The country has been slammed by
low oil prices, attacks by Niger Delta
militants and foreign currency
shortages.
The National Bureau of Statistics
fresh report put estimated oil
production at 1.69 million barrels per
day, down by 0.42 million barrels per
day from the first quarter.
that Nigeria recovered about N78
billion, and 3 million dollars from
looters since the inauguration of
Muhammadu Buhari
– However, the minister stated that
it’s not enough for what Nigeria
needs to revive economy
Lai Mohammed, the minister of
information, has revealed the amount
recovered by Muhammadu Buhari’s
government so far.
Mr Mohammed stated that these
funds can’t rescue Nigeria’s
economy as they are a far cry from
what the country needs to revive the
economy.
READ ALSO: Nigeria experiences
worst economic recession in 29
years
The minister said this on Friday when
he appeared on a News Agency of
Nigeria (NAN) Forum in Abuja.
The minister, speaking during the
News Agency of Nigeria (NAN)
Forum in Abuja, added that the
amount of money recovered is
always being made public.
He said: “ What we have recovered and
if my record is right is about N78 billion,
and 3 million dollars.
“We have been able to block various
accounts in which about 9 billion dollar
is found but those are not money
available to us because we are still in
court over them.
“The government spends N165 billion
every month to pay federal civil
servants, even what has been so far
recovered will not even pay 50 per cent
of the salaries in a month.’’
Minister Mohammed gave assurance
that every cent recovered will be
sensibly spent and nobody could re-
loot what had been returned under
the incumbent government.
He further clarified that Nigerians
should understand that what had
been recovered was so little in
comparison with what the people
needed on a regular basis.
READ ALSO: Buhari under MASSIVE
fire over Nigeria’s economic
recession
“N400 billion seems a lot, but you must
also understand that for three or four
years contractors were not paid,” he
added.
“So, when we paid this money to
contractors, they also use part of it to
settle their own debt, they use part of it
to recall laid off staff.
“But the truth of the matter is that many
of them have been paid, they are yet to
mobilise to site and they cannot do so
until the rains are over.”
Nigeria has recently announced its
first recession since 1991, according
to Central Bank data.
The country has been slammed by
low oil prices, attacks by Niger Delta
militants and foreign currency
shortages.
The National Bureau of Statistics
fresh report put estimated oil
production at 1.69 million barrels per
day, down by 0.42 million barrels per
day from the first quarter.
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