FG Puts Balance Of Loot Recovered From Abacha At $26m And £19m
The Federal Government says the balance of the loot recovered from the late former Head of State General Sani Abacha was $26, 000, 389 million and £19,000, 033 million as of November 30, 2015.
The Accountant-General of the Federation, Ahmed Idris, disclosed this Thursday to the National Economic Council (NEC) meeting presided over by Vice President Yemi Osinbajo.
Briefing State House journalists later, Benue State Governor Samuel Ortom said: “We were briefed on updates on Abacha loots in Council. The Accountant General of the Federation reported that the dollar account as at November 2015 ending has a balance of $26, 000, 389 million; while the pounds sterling has a balance of £19, 000, 033, 000.00. That is where we are today”.
Sokoto State Governor Aminu Tambuwal said the Central Bank of Nigeria Governor Godwin Emefiele told the council that the drop in the oil prices had caused serious pressure on Nigeria’s reserve “which currently stands at $29 billion.
“The CBN governor gave an update on monetary policy measures on foreign exchange strategy and he told the Council the challenges being faced by many countries as a result of the global economy recession,” he said.
Tambuwal said the CBN governor also briefed the council on the monetary policy, among others, as follows: “The deduction of cash reserve ratio from 25 percent to 20 percent. The measure on forex market and BVN considering the introduction of debit card for travellers instead of cash exchange demands to reduce cash for illicit businesses, and also looking at option to diversify the economy away from oil”.
Taraba State Governor Darius Ishaku said the Accountant-General of the Federation told the council that the Excess Crude proceeds stood at $2.257 billion as of November 30, 2015.
He said the Accountant General also reported a slight change against the previous balance with an interest “which is due of $599, 137, 467 into the account as at accrued interest”.
Ishaku added that the NEC was also briefed on the report of the federal government agencies that were collecting revenue in foreign currencies and remitting in naira equivalent into the federation account “which is not allowed”.
He said the Ministry of Finance was working on the details to be passed to the council “with a comprehensive report on the agencies that are involved which will be later be made known to the public”.
Budget and National Planning Minister Udoma Udo Udoma said his ministry briefed the NEC on the Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP) which highlighted the Federal Government’s fiscal policy strategy and direction for the next three years.
“We also brief the council about government revenue and expenditure projections for the next three years. We briefed council about our view in terms of the global outlook and micro-economic frame work and the key assumptions underlining our projections”, he said.
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