The Vice President of Nigeria, Prof. Yemi Osinbajo, acknowledged on Friday, that recovered monies from looters did in fact exists, but explained that it was currently impossible to spend them.
Osinbajo said such proceeds of corruption cannot be utilised unless and until the courts give orders forfeiting those assets.
According to him, the monies “are not ‘spendable’ monies until such a time when the court decides. But we intend to be as transparent as possible.”
“We have a line in the budget – N350billion – which we intend will be funded using recovered monies,” he explained.
Osinbajo reiterated the commitment of President Muhammadu Buhari’s administration to transparency and accountability, saying the government “intends to run a country where integrity is the rule and corruption is the exception – that is the system we’re prepared to run.”