The Minister of Finance, Mrs. Kemi Adeosun, said on Thursday that there was no guarantee that the Federal Government would implement the 2016 budget in full.
Only on Wednesday, the minister had reported a drop of N18.25bn in revenue accruable to the Federation Account and meant for sharing by the three tiers of government for the month of April.
Adeosun told the lawmakers that in spite of the drop in revenue, no ministry or agency was expected to lobby for funds, adding that there would be a need assessment before money would be released in the months ahead.
According to her, a detailed plan of projects by each ministry or agency will be studied before money is released.
She gave an example of how the President used such trips to seek for the return of the country’s looted funds.
But, the minister complained that the drawback was that some of the countries gave tough conditions for the return of the looted money.
“These countries, who have enjoyed the benefits of being in custody of the funds, are not in a hurry to return them to Nigeria’s coffers,” she added.
She mentioned Switzerland as still keeping $320m of the late Gen. Sani Abacha’s loot on the excuse that Nigeria must fulfil certain conditions before the money would be handed over to the Federal Government.
Contrary to the belief that the recovered funds were in cash, Adeosun told the lawmakers that in some cases, they were wrist watches, landed properties and other jewellery.