Mrs. Adeosun

The Federal Government is still keeping under wraps the money recovered from Nigeria’s treasury looters.

The Minister of Finance, Mrs Kemi Adeosun refused to disclose the quantum of money recovered when asked at the revenue sharing meeting of all tiers of government.

She said she could not give any data for now, because some issues around it were under litigation.

She was however forthcoming on other issues: one, that for the first time since July, 2015, the government has credited its Excess Crude Account.

She put the new balance at 2.26 billion dollars, which showed that about one million dollars was credited.

Adeosun said vandalism of oil pipelines, among other factors, continued to negatively impact on oil revenue generation.

She said the shut-in, shut-down of production for repairs, resulted to shortfall due to technical hitches at different terminals throughout the month, impacting negatively on crude oil and gas revenue.

Also, there was revenue loss of 45.9 million dollars as a result of drop in income recorded from Oil and Gas Royalty, Companies Income Tax and Import Duty.