Here is how the President says recovered stolen funds are being spent

President Muhammadu Buhari (Novo Isioro)

President Muhammadu Buhari has said that part of the funds stolen from the treasury, which was recovered, is being used to finance the 2017 budget.

The President, who was represented by the Accountant General of the Federation, Alhaji Idris Ahmed, disclosed this in Abuja on Tuesday, October 10, at the 22nd Annual Conference of the Association of National Accountants of Nigeria (ANAN).

Many Nigerians have been asking questions regarding the whereabouts of the stolen funds recovered by the Economic and Financial Crimes Commission (EFCC).

Some believe the funds may be 'relooted' while others demanded that the government be transparent with how the money is being spent.

Buhari, "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 the government to finance the 2017 budget.

"Power generation peaked at an all-time high of 7,001 megawatts in the third quarter of 2017."

The President added that the goal of his administration is to produce 10,000MW of electricity by the year 2020.


He said the implementation of the Treasury Single Account in September 2015 has remarkably enabled transparency in the Federal Government’s public financial management system.

Also speaking at the conference, ANAN Chairman, Alhaji Shehu Ladan, assured the Federal Government of the association's support for its economic agenda.

"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," Ladan said.

He noted the importance of government's commitment to reinvesting the recovered stolen funds to ensure quicker.