Buhari accounts for recovered stolen funds, says loot finances 2017 Budget

President Muhammadu Buhari

…As Baru says President approved N640 billion oil contracts from his sick bed in London***

President, Muhammadu Buhari said on Tuesday that his administration was using part of the stolen funds recovered from Nigerians who looted the economy to fund the 2017 budget.

Buhari spoke at the 22nd Annual Conference of the Association of National Accountants of Nigeria in Abuja.

Represented by the Accountant General of the Federation, Alhaji Idris Ahmed, the president said the government had resolved to use some of the recovered stolen funds to finance the 2017 budget.

He said his administration had practically done much in delivering on its core focus of diversifying the economy.

In his words: “Part of the stolen funds recovered is being used by government to finance the 2017 budget. Power generation has peaked at an all-time high of 7,001 Megawatts in the third quarter of 2017.”

Buhari added that his government was aiming at the production of 10,000 Megawatts of electricity by the year 2020.

He said the firm implementation of the Treasury Single Account since September 2015 had significantly enhanced transparency in the Federal Government’s Public Financial Management System.

In the meantime, President Muhammadu Buhari was granting approvals for oil deals to the Nigerian National Petroleum Corporation during the time he was on his sick bed in London – and when he had relinquished presidential powers to his Vice President – the head, Maikanti Baru, has indicated.

Mr. Baru said Mr. Buhari approved at least two separate oil contracts on July 10 and July 31 worth $1 billion and $780 million, respectively.

The N640.8 billion contracts (at N360/$ exchange rate) were approved when Mr. Buhari was receiving treatment for undisclosed ailments in London, and when he was not supposed to be exercising presidential powers, having named Vice President Yemi Osinbajo acting president in a formal correspondence to the National Assembly.

Mr. Buhari was flown to London on May 7, barely two months after he returned from his first 2017 medical vacation which saw him spend 50 days in the United Kingdom.

On May 9, a letter Mr. Buhari wrote to the Speaker of the House of Representatives and President of the Senate notifying them that he had relinquished presidential authorities in accordance with the Nigerian Constitution was read on the floor of both chambers.

Despite rumours of his early return, Mr. Buhari ultimately spent 103 days receiving treatment in London, returning on August 19.

On August 21, the president notified the National Assembly of his return in writing, saying he had “resumed” his “functions as the President of the Federal Republic of Nigeria with effect from Monday, 21st August, 2017.”

Citizen with additional report from Premium