According to reports, Nigerian Federal government will next
week receive $227 Million from the Government
of the Principality of Liechtenstein, part of looted funds recovered from
the Abacha family, And to ensure proper utilization of the funds, President Goodluck Jonathan is
constituting an inter-ministerial committee to identify the best projects and
programmes in which to invest the funds.
Also, the president has directed that part of the funds be
saved in the Future Generations Fund,
one of the funds managed by the Nigerian
Sovereign Investment Authority (NSIA) to help secure the economic future of
both Nigerian youths and unborn Nigerians.
In a statement, Mr.
Paul Nwabuikwu, special adviser to the Minister
of Finance, said in line with the agreement reached with the Principality
of Liechtenstein, the World Bank would assist in monitoring the utilization of
the funds in specific projects.
“The return of the
funds is the culmination of a robust 16-year effort by the Federal Government
of Nigeria to retrieve the funds.
“Working under the
leadership of President Jonathan, the Attorney General of the Federation, Mr.
Mohammad Adoke led the effort with the support from the Coordinating Minister
of the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala and the
National Security Adviser, Colonel Sambo Dasuki (retd),” he said.
As part of the negotiations to expedite the recovery of the
funds, the Abacha family agreed to discontinue their suit before the ECHR and the
Federal Government equally
subsequently withdrew the case against the Abachas, thus paving the way for the
release of the looted funds by Liechtenstein.
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