$320 recovered Abacha loot will be spent to support the poor- FG

$320 recovered Abacha loot will be spent to support the poor- FG

Chris Steven, Abuja

The Federal Government on Monday in Abuja announced that $320m stolen funds by late Sani Abacha, former of State, would be spent on the Conditional Cash Transfer scheme of the administration to support the poor.

Vice President Yemi Osinbajo disclosed this on Monday while declaring open the 8th Commonwealth Conference of Anti-Corruption Agencies in Africa.

The Vice President who represented President Muhammadu Buhari at the event  said it was one condition given by the Switzerland authorities for the repatriation of the funds.

 According to him, the Global Forum on Asset Recovery (GFAR), 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.’’