Senate Committee on Land Transport Chairman Gbenga Ashafa yesterday urged the Federal Government to look inward for the N2.7 trillion needed to fund the fiscal deficit in this year’s N7.28 trillion budget estimates.
He urged the executive to fund the deficit from the N3 trillion believed to have been recovered under interim cash and assets forfeiture from former public office holders.
Ashafa, who is representing Lagos East Senatorial District, urged President Muhammadu Buhari to tell Nigerians the total cash recovered so far in the fight against corruption.
According to him, doing so will strengthen the President’s crusade on transparency and accountability. He was analysing the figures contained in the 2017 “Budget of Recovery and Growth”.
His words: “The 2017 fiscal deficit is estimated to be about N2.7 trillion, which is an increase of about N492 billion from that of 2016. According to the Budget Office, this deficit is to be financed mainly by borrowing as well as recoveries from misappropriated public funds/assets proceeds.
“Sometime in June last year, the Minister of Information, Culture & Tourism, stated that the cash recoveries made between May 29, 2015 and May 25, 2016, including recoveries under interim forfeiture (cash and assets), amounted to about N3.4 trillion.”
“If these monies are truly within the coffers of the government, of what need do we have to borrow to finance the fiscal deficit? The recovered sums ought to be enough to cover up the deficit, considering the fact that more recoveries are still being made.”
The senator blamed the poor performance of last year’s N6.07 trillion budget on inadequate funding of capital projects, saying such mistakes must be avoided this year.
Hailing the executive for bringing the Medium Term Expenditure Framework (M-TEF) in good time as well as its positive drive towards revamping the railways, Ashafa said: “The 2016 budget has not done its best due to inadequate funding of capital projects.