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Presidency clarifies projects to be funded with $311m Abacha loot

Presidency clarifies projects to be funded with $311m Abacha loot

The Presidency on Wednesday made clarification on the projects to be funded by the repatriated Sani Abacha loot.

In a statement to GenLoaded on Wednesday by the Special Assistant to the President on Media and Publicity, Garba Shehu, he said the recently repatriated loot will go towards only three of the Federal Government’s five priority projects.

He said the Mambilla power and East-West road projects were not included as he stated in an earlier statement.

“In an earlier statement, I had mistakenly noted that the Mambilla was one of five priority projects to benefit from the $311 million Abacha loot under the Presidential Infrastructure Development Fund (PIDF) managed by the Nigeria Sovereign Investment Authority (NSIA). That error is regretted ” Shehu said.

“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, United States and British territory of Jersey governments.

“According to the document, only the second Niger bridge, Abuja-Kaduna-Kano expressway, and Lagos-Ibadan expressway will benefit from the repatriated funds. The funds are domiciled in the NSIA.

“All print and online media should please take note of this correction and make the necessary adjustments to their previous publications on the issue.”

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