Written by Sarah NEGEDU

Budget funded by recovered loot –Malami

The Attorney-General of the Federation and Minister of Justice, Mr Abubakar Malami, SAN, has disclosed that looted fund recovered by the Federal Government was used to partly finance the annual federal budget.

Malami made this known during a stakeholders’ validation retreat to finalize the second Nigeria Open Government Partnership, OGP, National Action Plan.

He said the Federal Government had intensified its anti-corruption war by approving the harmonized National Anti-Corruption Strategy.

Malami explained that the Asset Recovery and Management Unit in the Federal Ministry of Justice serves as the secretariat responsible for the implementation of NACS.

According to the AGF, the federal government could boast of high-level transparency in asset recovery in the last three years.

“With respect to the commitment under anti-corruption thematic, the Federal Government has approved the harmonised NACS.

“Greater transparency in asset recovery has been recorded in the past three years and these have been applied towards the implementation of Nigeria’s annual budget as well as in social investment for the poor,” the minister said.

Speaking also, a Senior Fellow of the Nigerian Economic Summit Group, Dr. Tayo Aduloju, said there was a need to eliminate corruption in the country.

Aduloju is the incoming Co-Chair, Non-State Actors of the Open Government Partnership National Steering Committee.

He reiterated that, “The single most important ingredient in the recipe for success is transparency because transparency builds trust, and trust is the foundation for building strong societies and nations.

“The second OGP National Action Plan comes at a time when our national fiscal gap between development resources requirements and our revenue mobilization capacity indicates a fiscal deficit that needs to be closed.”

He said the National Action Plan seeks to achieve revenue transparency that allows for domestic resource mobilization in tax and non-tax revenues while closing leakages in tax compliance.

 

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