The Minister of Information and Culture, Lai Mohammed has on Friday explained that the looted money recovered so far was so little compared to what the people needed on a continuous basis to revive the economy
The minister Mr. Mohammed said Nigerians should rest assured that every penny recovered will be adequately spent and the amount of money recovered will always be made public.
Adding that his administration will not create room for anybody to reloot what had been recovered under the administration.
“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.’’
The minister further explained that
On budget release, he recalled that the Federal Ministry of Finance released N400 billion for capital projects, mostly on roads, railway, and power.
“N400 billion seems a lot, but you must also understand that for three or four years contractors were not paid.
“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.
