FG explains what it plans to do with looted properties


Minister of finance, Kemi Adeosun, has revealed that some of the buildings and properties recovered from alleged treasury looters will be converted to federal government agencies.

According to the minister, the rental fare heaped on the Federal Government would be eased a bit as the use of the seized buildings for official purposes would save a lot of money for Nigeria.

“The issuance of price guidelines and initiatives for reducing expenditure on rent on office and residential buildings will be the primary focus areas of the efficiency unit in coming months.”

“You may want to know that the average annual expenditure on rent for a three year period of 2012 to 2014 was N3.55 billion.”

“And to achieve that, we are already looking at using properties that were forfeited from recoveries and moving some of our agencies to occupy those properties rather than paying rent.”

“Major savings are expected when on-going engagement with the Bureau of Public Procurement on the pooling of MDAs demands for standard products such as vehicles, computers, diesel and others. We plan to secure large discounts from suppliers and the issuance of Price Guidelines are developed and implemented.”

“Price Guidelines will ensure uniformity in the price at which MDAs purchase items, as well as transparency and value for money in the procurement process.”

183 buildings were listed among assets which the Muhammadu Buhari administration has recovered from past government officials within the past year.


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