- Advertisement -
HomeLOCAL NEWSAbacha Loot: Buhari Opens Up On How Returned $311m Will Be Spent

Abacha Loot: Buhari Opens Up On How Returned $311m Will Be Spent

Published on

The Presidency on Tuesday said that the $311 million General Sani Abacha loot which was returned to the country on Monday would be used to fund ongoing projects.

In an explanatory statement he issued in Abuja, Garba Shehu, Senior Special Assistant to the President (Media & Publicity), confirmed the return of the money to the country from the United States and the Bailiwick of Jersey.

He said the money had already been earmarked for ongoing infrastructure projects including second Niger Bridge, the Lagos-Ibadan, Abuja-Kaduna-Kano highways and Mambilla Power Project.

While recalling similar stolen funds that have been returned to the country over the years, he alleged that corruption under previous administrations had hindered the return of looted funds.

According to him, the return of the latest tranche of Abacha loot was an indication of the deepening relationship between the government of Nigeria and the US government.

The statement read: “On Monday, May 4, 2020, some $311 million- stolen from the citizens of Nigeria during the Abacha regime – were safely returned to our country from the United States.

“These funds have already been allocated and will be used in full for vital and decades-overdue infrastructure development: The second Niger Bridge, the Lagos-Ibadan and Abuja-Kaduna-Kano highways–creating tens of thousands of Nigerian construction jobs and local skills, which can then be useful in future projects.

“Part of the funds will also be invested in the Mambilla Power Project which, when completed, will provide electricity to some three million homes – over 10 million citizens – in our country.

“The receipt of these stolen money – and the hundreds of millions more that have already been returned from the United Kingdom and Switzerland – are an opportunity for the development of our nation, made far harder for those decades the country was robbed of these funds.

“Indeed, previous money returned last year from Switzerland – some $320 million– are already being used for the government’s free school feeding scheme, a stipend for millions of disadvantaged citizens, and grain grants for those in severe food hardship.

“Without these funds, the fight against COVID-19 would be even tougher.

“The latest return is a testament to the growing and deepening relationship between the government of Nigeria and the government of the United States.

“Without the cooperation both from the UK government, the US executive branch and US Congress, we would not have achieved the return of these funds at all.

“For years many countries deemed successive Nigerian administrations as too corrupt, too venal and too likely to squander and re-steal the stolen monies – so they did not return the funds.

“Today, US, UK and other jurisdictions have found the partnership with the nation of Nigeria they can finally trust.”

New Instrumentals Everyday

First Impression Instrumental – Gucci Mane

Gucci Mane Instrumental – First Impression Instrumental Download Artiste: Gucci Mane ft. Quavo & Yung...

Kanye West – Ghost Town Instrumental ft. PARTYNEXTDOOR

Ghost Town Instrumental Download PRODUCER: Rockstar Beats YEAR: 2022 Category: Free Beat Free Beats and instrumental...

Latest Foreign News

Rapper Coolio has passed away

The US rapper, Coolio best known for the chart-topping 1995 song “Gangsta’s Paradise,” has...

DJ Akademiks Credits 21 Savage For Helping End Meek Mill Beef

DJ Akademiks salutes 21 Savage for getting him and Meek Mill to end their...

Hot Naija News

Nigerian Star Yemi Alade Eyes More Collabs After Linking With Spice

Who wouldn’t be excited at having a chance to collaborate with the Queen of...

“You no graduate with Merit or Distinction” – Reactions trail as Cuppy graduates from Oxford University

Nigerian disc jockey and billionaire heir, DJ Cuppy is being trolled after she announced...

South Africa News

IN SOUTH AFRICA: Pictures of Holy Tens’ vocalist Jay D who died in an accident

The nation has woken to shocking reports that Zim Hip Hop superstar Holy Ten...

IN SOUTH AFRICA: Scandal!’s Ben 10, Thulani Hlatshwayo speaks on dating older women

Scandal actor Thulani Hlatshwayo has opened up about his role in the eTV’s popular...