President Muhammadu Buhari has said the Federal Government will finance the 2017 budget with parts of the recovered loots.
The President said this at the 22nd Annual Conference of the Association of National Accountants of Nigeria in Abuja on Tuesday.
He was represented by the Accountant General of the Federation, Alhaji Idris Ahmed.
He said the government had resolved to use some of the recovered stolen funds to finance the 2017 budget
Buhari said, “My Administration has practically done much in delivering on its core focus of diversifying the economy.
“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.”
The president also disclosed that his administration 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.
Speaking at the conference, ANAN Chairman of Council, Alhaji Shehu Ladan, pledged the support of the association to the government’s economic agenda.
Ladan said, “The accountant is key. We are calling on our members to increase their integrity quotient. As an association, we are strengthening our discipline mechanism to ensure that members found wanting do not go unpunished.”
He said it was important for the government to ensure the reinvestment of the recovered stolen funds to make for quicker recovery of the economy.