N27.6 billion Abacha loot was spent on the poor, says FG

The Special Adviser to the President on Social Investments, Mrs Maryam Uwais on Monday disclosed that $76,538,530 (27,668,678,595 naira) has so far been disbursed from the Abacha loot from the August/September 2018 to the September/October payment cycle.

N27.6 billion Abacha loot was spent on the poor, says FG

She added that the figure was in addition to $27,099,028 from the International Development Association/World Bank credit spent on alleviating the plight of poor and vulnerable Nigerians.

On what prompted the decision to distribute the funds to the poor, Uwais said that it was decided over by a combination of the Swiss government, the World Bank and the Federal Government. This was to ensure that the funds were well utilised and not diverted to private pockets, as was the case in the past.

“In December 2014, a Swiss judge gave a forfeiture order to the effect that the money ($322.5m) recovered from the family of late General Abacha would be returned to Nigeria, one of the conditions being that the World Bank would be involved in monitoring disbursements therefrom.

“Presumably, this was as a consequence of the opaqueness that surrounded the application of recovered funds.”

Uwais listed the key achievements of the Cash Transfer Programme funded with the Abacha loot and IDA loan facility to include enrolment and payment of 620, 947 beneficiaries across 29 states, N567,429,471, 30 saved by beneficiaries in 17 states from their monthly N5,000 stipends and 3,695 trained to support beneficiaries.


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