The Minister of Finance and National Planning, Zainab Ahmed has revealed that the government of Muhammadu Buhari has been borrowing from recovered loot to fund the budget.
The minister also revealed that the government has not been able to repay back the loans taken so far.
Zainab Ahmed made this known, while appearing before the House of Representatives committee investigating recovered loots.
She was at the hearing alongside the Accountant General of the federation, Ahmed Idris.
The lawmakers queried the withdrawals from the accounts without due process as the funds are expected to be transferred to the consolidated account.
A member of the committee, Wole Oke stated that “the government withdrew N19 billion from the EFCC recovery account and transferred it to the African Development Bank (AfDB) with evidence of budgetary allocation. He added that the government also borrowed N20 billion to fund the budget of the Ministry of Defence.”
Hon Oke asked to know if the accountant-general is familiar with this money.
He queried further asking that “On what basis did you withdraw or transfer the money?”
The Chairman of the Committee, Adejoro Adeogun also queried the Accountant General for N150 million, which according to him is missing.
The committee however resolved to summon CBN Governor Godwin Emefiele.
He would be expected to also appear before the committee to explain the status of the accounts.
