'We need speedy repatriation of Abacha loot,' President begs World Bank

dimeji akinloye

April 27, 2016 10:01 PM

Buhari noted that the repatriation of the additional $320 million (N64 billion) looted by Abacha and held in Switzerland will be helpful in easing the current economic crisis in the country.

President Muhammadu Buhari

President

He stated this in Abuja on Wednesday, April 27, while speaking at a meeting with the visiting Managing Director of the World Bank, Ms. Sri Mulyani Indrawati.

Buhari noted that the repatriation of the additional $320 million (N64 billion) looted by Abacha and held in Switzerland will be helpful in easing the current economic crisis in the country.

He assured the Ms Indrawati that the current administration under his leadership is being structured in a way that stealing public funds would no longer be business as usual.

“We need the support of the World Bank for the repatriation of the funds,” Buhari said.

“We are as concerned as the World Bank about accountability. If such repatriated funds have been misapplied in the past, I assure you that the same will not happen with us.

“Three hundred and twenty million dollars is a lot of money and we will not allow it to be misappropriated or diverted,” the President said.

READ: Switzerland gives condition for returning Abacha's $321m loot

One of the conditions given by the Swiss Authorities for the repatriation of the funds is that it should be expended on the implementation of social programmes for the benefit of the Nigerian people in an efficient and accountable way, guaranteed by the monitoring of the World Bank.

Buhari also assured the World Bank Director that his government will honour all agreements that stimulates Nigeria’s economy and reduce the level of poverty in the country.

dimeji akinloye