The minister of Finance, Kemi Adeosun, has expressed that looted funds recovered by anti-graft agencies in the last eight months are tied down with Litigations.
In a recent report, Adeosun said that most of the monies recovered from treasury looters could not be used because they are bug down with litigations.
Adeosun made the disclosure at the National Assembly, during an interactive meeting on the performance of the 2016 Budget with the Senate Committee on Appropriation.
The Minister further informed the Senate Committee on the obstacles being faced by Nigerian government on the recovery of stashed loots in Switzerland and United States.
“The process of recovering looted fund is an ongoing process. Indeed money comes almost on daily basis into those accounts. We have not recovered much from foreign money. It is a little more difficult,” she noted.
The Minister further revealed that the federal government has also recovered landed properties, high valued automobiles and jewelries from the looters.
She also said some of the buildings recovered had been converted into office space for government agencies, who had no permanent offices, while the high valued cars could be used for the conveyance of foreign dignitaries on a visit to the country.
