Buhari seeks World Bank's help on $320m Abacha loot
Thu Apr 28, 2016 09:55:am National
2.7K By sosa hills
President Muhammadu Buhari has urged the World Bank to do all within its powers to facilitate the speedy repatriation of Nigeria's stolen funds still being held by the Swiss authorities.
He made the appeal during a meeting with the visiting Managing Director of the World Bank, Ms. Sri Mulyani Indrawati, at the State House, Abuja on Wednesday.
In a statement issued by presidential spokesman, Garba Shehu, the President was quoted as putting the amount yet to be repatriated from Switzerland at $320 million.
He said the money had been identified as illegally taken from Nigeria under the late Head of State, Gen. Sani Abacha's military administration.
President Buhari said the money would help to ease the current economic hardship in the country when returned to the Federal Government.
He assured Indrawati that his administration was taking appropriate steps to ensure that public funds are no longer stolen or misappropriated by government officials.
We need the support of the World Bank for the repatriation of the funds. 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. $320 million is a lot of money and we will not allow it to be misappropriated or diverted" Buhari assured her.
This is in line with one of the conditions given by the Swiss authorities for the repatriation of the funds - that it should be expended on the implementation of social programmes for the benefit of Nigerians in an efficient and accountable way, guaranteed by the monitoring of the World Bank.
Buhari also assured the World Bank chief that his administration would honour all agreements with the bank to stimulate Nigeria's economy and reduce the level of poverty in the country.
Indrawati told President Buhari that the World Bank was ready to use its knowledge, expertise and resources to help Nigeria achieve faster growth and development.
The Indonesian-born World Bank Chief came with a team of other officials of the bank in her first visit to Nigeria, which she described as "very short but very productive."
She stressed that the meeting was an opportunity "for us to discuss with the government to understand the challenges the Nigerian economy is facing, just like many other countries in the world are now facing weak global economy, low commodity price in goods and oil price, challenge of climate change and insecurity."
He made the appeal during a meeting with the visiting Managing Director of the World Bank, Ms. Sri Mulyani Indrawati, at the State House, Abuja on Wednesday.
In a statement issued by presidential spokesman, Garba Shehu, the President was quoted as putting the amount yet to be repatriated from Switzerland at $320 million.
He said the money had been identified as illegally taken from Nigeria under the late Head of State, Gen. Sani Abacha's military administration.
President Buhari said the money would help to ease the current economic hardship in the country when returned to the Federal Government.
He assured Indrawati that his administration was taking appropriate steps to ensure that public funds are no longer stolen or misappropriated by government officials.
We need the support of the World Bank for the repatriation of the funds. 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. $320 million is a lot of money and we will not allow it to be misappropriated or diverted" Buhari assured her.
This is in line with one of the conditions given by the Swiss authorities for the repatriation of the funds - that it should be expended on the implementation of social programmes for the benefit of Nigerians in an efficient and accountable way, guaranteed by the monitoring of the World Bank.
Buhari also assured the World Bank chief that his administration would honour all agreements with the bank to stimulate Nigeria's economy and reduce the level of poverty in the country.
Indrawati told President Buhari that the World Bank was ready to use its knowledge, expertise and resources to help Nigeria achieve faster growth and development.
The Indonesian-born World Bank Chief came with a team of other officials of the bank in her first visit to Nigeria, which she described as "very short but very productive."
She stressed that the meeting was an opportunity "for us to discuss with the government to understand the challenges the Nigerian economy is facing, just like many other countries in the world are now facing weak global economy, low commodity price in goods and oil price, challenge of climate change and insecurity."
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