Recovered loot cannot revive the economy – Lai Mohammed

The Minister of Information and Culture, Alhaji Lai Mohammed on Friday said loot recovered by the anti-graft agencies are not enough to revive the country’s dying economy.

Mohammed said this in Abuja during a News Agency of Nigeria Forum.

He said, “What we have recovered and if my record is right is about N78 billion, and 3 million dollars.

“We have been able to block various accounts in which about $9 billion is found but those are not money available to us because we are still in court over them.

“The government spends N165 billion every month to pay federal civil servants, even what has been so far recovered will not even pay 50 per cent of the salaries in a month.’’

The minister said the recovered funds will be put into proper use and that the government will ensure they are not re-looted.

While speaking on the budget, he said the Federal Ministry of Finance released N400 billion for capital projects, mostly on roads, railway, and power.

He revealed that the government owes contractors about N2 trillion.

“N400 billion seems a lot, but you must also understand that for three or four years contractors were not paid.

“So, when we paid this money to contractors, they also use part of it to settle their own debt, they use part of it to recall laid off staff.

“But the truth of the matter is that many of them have been paid, they are yet to mobilise to site and they cannot do so until the rains are over.

One comment

  1. Is when thunder fire you that the economy will revive liar

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