- We’ll use recovered Abacha loot to assist the poor – Buhari
The president of the federal republic of Nigeria, Muhammadu Buhari has disclosed that the $320m recovered loot of former late Head of State; Gen. Sani Abacha will be spent on scheme to alleviate the poor.
Buhari clearly stated that the recovered loot will be spent on the Conditional Cash Transfer (CCT) scheme of the administration to support the poor.
The President, through his deputy, Professor Yemi Osinbajo made the disclosure while declaring open the Eighth Commonwealth Conference of Anti-Corruption Agencies in Africa, in Abuja.
He said it was one condition given by the Switzerland authorities for the repatriation of the funds, the President added that, The Global Forum on Asset Recovery, after its inaugural meeting in Washington, DC, in December 2017, had facilitated efforts toward asset recovery and return.
He said, “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,’’ he added.