FG Disburses Abacha Loot, World Bank Credit To Poor

• FG Disburses Abacha Loot, World Bank Credit To Poor

The Federal Government said it has disbursed funds recovered from Abacha loot and the International Development Association /World Bank credit to poor and vulnerable Nigerians.

The funds were earmarked in programmes and policies designed to address poverty eradication and alleviation which seemed to be a priority to the government and international bodies.

The total amount disbursed from the Abacha loot was $76,538,530 and $27,099,028 from the IDA credit, according to the Special Adviser to the President on Social Investments, Mrs Maryam Uwais.

Uwais while speaking at the training on illicit funds on Monday stated that has been Federal Government has been channelling the recovered funds from the August 2018 to the October payment cycle.

According to her, the funds were specifically disbursed to the National Cash Transfer Programme, a component of the National Social Investment Programme.

She further explained that the disbursement follows an agreement reached between the Swiss government, the World Bank and the Federal Government after the beneficiaries were carefully selected from a National Social Register, collated by the National Social Safety Net Coordinating Office.

“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 to the opaqueness that surrounded the application of recovered funds,” Uwais said.

The Presidential Aide who noted that some Nigerians struggle to eat one meal a day, said about 620,947 Nigerians across 29 states have benefited from Cash Transfer Programme funded with the Abacha loot and IDA loan facility.