The Nigerian Presidency says that $311 million repatriated from the United States and the Bailiwick of Jersey, on Monday will be spent on the infrastructural development in the country.
The money is part of the looted funds stashed abroad by a former Nigerian military leader, late General Sani Abacha.
The Senior Special Assistant to Nigerian President, Mr. Garba Shehu, said in a statement on Tuesday in Abuja that the fund would be used for “vital and decades-overdue infrastructure development”, including the second Niger Bridge, the Lagos-Ibadan and Abuja-Kaduna-Kano expressways as well as the Mambilla Power Project.
“Indeed, previous monies 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 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,” Shehu said.
The Nigerian government had on Monday confirmed the receipt of $311,797 million of the Abacha loot repatriated from the United States and the Island of Jersey.
Nigeria’s Attorney-General and Minister of Justice, Mr. Abubakar Malami said in a statement in Abuja that the amount increased significantly from over $308 million stated in the press statement issued in February 2020 to over $311million because of the interest that accrued from February 3, 2020 to April 28, 2020, when the fund was transferred to the Central Bank of Nigeria.
The minister explained that in line with the agreement reached with the repatriating countries, the money would be used to fund the reconstruction of the Lagos-Ibadan Expressway, Abuja-Kano Road and the building of the Second Niger Bridge.
He recalled that the litigation process for the return of the assets titled: “Abacha III” commenced in 2014, while the diplomatic process that culminated into the signing of the Asset Return Agreement on February 3, 2020, by the Federal Republic of Nigeria, the United States and the Bailiwick of Jersey commenced in 2018.
GIK/APA