Priority projects will be funded by Abacha loot, says presidency

THE presidency has said that of the five federal government’s priority projects, three will be funded by the Abacha loot recently recovered.

The recently repatriated Sanni Abacha loot will go towards three of Nigeria Government’s five priority projects, excluding the Mambilla power and East-West road projects.

The president’s spokesperson Garba Shehu earlier had said the Mambilla Project 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 autority.

But he had corrected that error.



    Although the Mambilla and East-West expressway are regarded under the PIDF as priority projects,  Garba said he has  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.

    Mr. Shehu urged all print and online media to  take note of this correction and make the necessary adjustments to their previous publications on the issue.

    The funds are domiciled in the NSIA, he disclosed.



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