Presidency says $311m Abacha loot will be spent on infrastructure development

Presidency says $311m Abacha loot will be spent on infrastructure development

- The presidency has disclosed that the $311 million Abacha loot returned to Nigeria from the United States would be used for infrastructure development

- Garba Shehu, a presidential spokesperson, said part of the funds will be used for the second Niger Bridge

- The presidential aide noted that the funds will also be invested in the Mambilla Power Project

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The presidency has disclosed that the $311 million Abacha loot returned to Nigeria country from the United States would be used for infrastructure development.

Garba Shehu, the senior special assistant to the president on media and publicity in a statement on Tuesday, May 5, disclosed that some of the infrastructure projects the funds will be used for include the second Niger Bridge, the Lagos-Ibadan and the Abuja-Kaduna-Kano expressways.

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Presidency reveals how $311m recovered Abacha loot will be spent

Garba Shehu said part of the funds will be used for the second Niger Bridge. Photo credits: Channels TV
Source: UGC

He said the funds will also be invested in the Mambilla Power Project which, when completed, will provide electricity to some three million homes - over ten million citizens in the country.

Garba explained that the receipt of the stolen monies from the United Kingdom and Switzerland has afforded the country the opportunity to develop the nation.

He said the return of the stolen funds is evidence that the US, UK, and other jurisdictions trust that the Buhari administration would put the funds to good use.

The presidential spokesperson said Buhari administration is committed to zero tolerance to corruption in politics and public administration.

Meanwhile, as the coronavirus lockdown bites harder on Nigerians, the national leader of the All Progressives Congress (APC), Asiwaju Bola Ahmed Tinubu, has advised President Muhammadu Buhari on how to sustain the economy and save citizens from hunger.

The Sun reports that Tinubu advocated an economic relief package in the form of emergency sustenance payments to vulnerable Nigerians.

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The APC leader also urged the Central Bank of Nigeria (CBN) to lower interest rates to single digits in order to assist the private sector and help reduce the charge on deficit spending.

Legit.ng gathers that Tinubu stated this in his Economic Policy paper entitled Coronavirus Economic Stimulus Programme.

The former Lagos state governor said the goal of the government must be for the people to live neither with the disease nor in hunger.

Tinubu stated that the palliative payments can be made quickly by using the BVNs of prospective recipients to make direct deposits into individual bank accounts.

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