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We have been borrowing from recovered loot – Finance Minister reveals

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The Minister of Finance and Nationwide Planning, Zainab Ahmed has revealed that the federal government has been borrowing from recovered loots to fund the funds.

The minister additionally revealed that the federal government has not been in a position to repay again the loans taken to date.

She revealed this whereas showing earlier than the Home of Representatives committee investigation recovered loots on Thursday.

The minister appeared alongside the Accountant Basic of the federation, Ahmed Idris.

The lawmakers condemned the withdrawals from the accounts with out the funds being transferred to the consolidated account.

A member of the committee, Wole Oke mentioned the federal government withdrew N19 billion from the EFCC restoration account and transferred it to the African Improvement Financial institution (AfDB) with proof of budgetary allocation.

He added that the federal government additionally borrowed N20 billion to fund the funds of the Ministry of Defence.

“From the EFCC Account, you took N19 billion. You took a complete N19 billion from the EFCC account and paid a global group. N19 entire billion shouldn’t be remitted right here. I’m certain the accountant-general is accustomed to this cash. On what foundation did you withdraw or switch the cash?”

The Chairman of the Committee, Adejoro Adeogun queried the Accountant Basic for N150 million, which in keeping with him is lacking.

The committee additionally resolved to summon Godwin Emefiele, the CBN Governor, to clarify the standing of the accounts.

The committee adjourned until Friday.

CBN explains why Nigeria can’t cease borrowing

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