President Muhammadu Buhari administration’s decision to share the $322 million recovered Abacha loot to the poorest of the poor citizens was based on an agreement with the government of Switzerland, the Presidency has said.
As stated by the Presidency, the two nations, Nigeria and Switzerland, signed a Memorandum of Understanding (MoU) for this purpose.
Special Assistant to the President on Judicial Reform, Juliet Ibekaku Nwagwu, explained that a Swiss court had ordered the return of the stolen fund on the condition that World Bank would supervise utilisation to prevent mismanagement.
She was speaking at the inception meeting of the Monitoring Recovered Asset through Transparency and Accountability (MANTRA) organised by Africa Network of Environment and Economic Justice (ANEEJ).
But stakeholders have criticised the decision by the Federal Government to use the funds for the social investment programme, saying it should be used to fund infrastructural projects.