Africa News
Abacha’s $350m Loot Would Be Used To Support The Poor – Buhari
President Muhammadu Buhari, (Photo credit: File Photo).
The Federal Government of Monday disclosed that late Former Head of State, Gen. Sani Abacha‘s $350 Million Loot would be used on the Conditional Cash Transfer scheme of the administration to support the poor.
Vice-President Yemi Osinbajo, who represented the President during the opening ceremony of the Eighth Commonwealth Conference of Anti-Corruption Agencies in Africa, disclosed it was one condition given by the Switzerland authorities for the repatriation of the funds.
According to the President, the Global Forum on Asset Recovery, after its inaugural meeting in Washington, DC, in December 2017, had facilitated efforts toward asset recovery and return.
“The GFAR saw the signing of a Memorandum of Understanding between Nigeria and the Government of Switzerland for the return of an additional $320m of the Sani Abacha loot.
“Included in that agreement is the commitment that the funds would be invested in one of Nigeria’s flagship social investment programmes, the Conditional Cash Transfer scheme targeted at the poorest and most vulnerable households in our country.’’
