Home Breaking News $311m Abacha Fund: Nigeria Presidency Says It Has Already Allocated Fund For...

$311m Abacha Fund: Nigeria Presidency Says It Has Already Allocated Fund For Critical Development


The Nigeria Presidency says the $311m stolen during the Abacha regime and returned to Nigeria from the United States and the Bailiwick of Jersey, on Monday, May 4, 2020, has already been allocated.

This was contained in a statement released on Tuesday by Garba Shehu, spokesperson to the President Muhammadu Buhari.

Shehu said the repatriated funds would be used in full, 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.

He said the receipt of the stolen monies is an opportunity for the development of the nation.

“Indeed, previous monies returned last year from Switzerland – some $320 million US dollars – 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,” he said.



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