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RECOVERED ABACHA LOOT: What has happened to it? The presidency speaks

Buhari

The Presidency on Thursday disclosed what some of the loot recovered from the late former Head of State, Sani Abacha, had been used for.

The special adviser to President Muhammadu Buhari on Social Investments, Mrs Maryam Uwais, who made the revelation, said that the loot and credit from the World Bank had been used to fund government’s social investment programmes.

According to her, while 80 per cent of payments for social investments come from the looted funds recovered from Abacha, the remaining 20 per cent came from credit from the World Bank.

She stated this in her keynote address at a training and advocacy programme on tracing and recovery of illicit funds and assets in Abuja.

The training was put together by Human Environmental Developmental Agenda supported by MacArthur Foundation and Open Society Initiative for West Africa in collaboration with Kent Law School, The Corner House, Finance Uncovered and Premium Times Centre for Investigative Journalism.

Uwais said, “The funds for the social investments are from the World Bank and the Abacha loot. We are using the credit that we got from World Bank in the ratio of 20:80. 80 per cent from the Abacha loot so that we can pay the beneficiaries the amount that the government has pledged to help them.

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“This has been quite proactive for them because we have seen a lot of activities in the communities. Today many of these women are doing their business, they are trading, and engaging in agriculture. They are doing very well at their homes.”

She said that the beneficiaries of the fund had been very open and productive and that over 18,200 of them had taken loans from the intervention while less than 1,000 had defaulted.

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Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
www.ripplesnigeria.com

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