Home News $311 million recovered Abacha loot slated for three major projects only

$311 million recovered Abacha loot slated for three major projects only

234
0
Minister of Works and Housing, Mr Babatunde Fashola inspecting work progress on 2nd Niger Bridge

WED, MAY 13 2020-theG&BJournal-The recently repatriated $311 million Abacha loot will be used to finance the second Niger bridge, Lagos-Ibadan expressway and the Abuja-Kaduna-Kano expressway, according to the Presidency in a statement it released today.

The statement contained a correction on the priority projects which earlier included the Mambilla power and the East-West road projects. Both projects are excluded from this round of recovered loot under the Presidential Infrastructure Development Fund (PIDF) managed by the Nigeria Sovereign Investment Authority (NSIA).

‘’Although the Mambilla and East-West expressway are regarded under the PIDF as priority projects, I have ascertained that they are exempt from the agreement signed between the Nigerian Government, United States and the British Territory of Jersey governments,’’ says Malam Garba Shehu, Senior Special Assistant, Media and Publicty to President Muhammadu Buhari, who issued the statement.

The recovered loots are domiciled in the NSIA.

|twitter:@theGBJournal|email: info@govandbusinessjournal.com.ng|