Nigeria to spend $320m Abacha loot to support the poor —Buhari
London, May 15, 2018 (AltAfrika)-The Federal Government of Nigeria on Monday in Abuja announced that $320m stolen funds by former late Head of State, Gen. Sani Abacha, would be spent on the Conditional Cash Transfer scheme of the administration to support the poor.
Declaring open the Eighth Commonwealth Conference of Anti-Corruption Agencies in Africa, Buhari, represented by Vice-President Yemi Osinbajo, said it was one condition given by the Switzerland authorities for the repatriation of the funds.
“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.’’