Alot of people have been asking about where recovered looted funds are kept and how it is used.

The Economic and Financial Crimes Commission, EFCC, says all looted funds recovered by it are paid into the consolidated revenue account of the Federal Government.
The commission made this known on its Twitter handle, @officialefcc in response to a question from one of its followers.
In a tweet to the commission through the handle @asantoo11a, the follower had asked; “When are we sharing our recovered looted money’’.
“Recovered funds are paid into the consolidated revenue account of the Federal Government,’’ it tweeted in reply.


http://www.premiumtimesng.com/news/headlines/214963-recovered-looted-funds-efcc.html

According to
Chapter 5. Part 2. Section 120. Establishment of Consolidated Revenue Fund
(1) All revenues or other moneys raised or received by a State (not being revenues or other moneys payable under this Constitution or any Law of a House of Assembly into any other public fund of the State established for a specific purpose) shall be paid into and form one Consolidated Revenue Fund of the State. (2) No moneys shall be withdrawn from the Consolidated Revenue Fund of the State except to meet expenditure that is charged upon the Fund by this Constitution or where the issue of those moneys has been authorised by an Appropriation Law, Supplementary Appropriation Law or Law passed in pursuance of section 121 of this Constitution. (3) No moneys shall be withdrawn from any public fund of the State, other than the Consolidated Revenue Fund of the State, unless the issue of those moneys has been authorised by a Law of the House of Assembly of the State. (4) No moneys shall be withdrawn from the Consolidated Revenue Fund of the State or any other public fund of the State except in the manner prescribed by the House of Assembly.


http://nigerian-constitution.com/chapter-5-part-2-section-120-establishment-of-consolidated-revenue-fund/

Therefore all the money recovered so far cannot be withdrawn except with the approval of the legislature. 500 billions naira from it is expected to be used to fund 2017 budget. Visit https://budgetoffice.gov.ng to download overview of 2017 budget.

But with newly recovered funds it's likely there might be amendment to 2017 budget or the remaining will be used to fund 2018 budget