FG Spending $322m Recovered Abacha Loot On Social Welfare – Presidency

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The presidency has said the $322 million recovered loot from the family of Sani Abacha, the late head of state, is being used by the federal government to facilitate the payment of the Conditional Cash Transfer (CCT), one of the campaign promises of President Muhammadu Buhari.

Garba Shehu, the Senior Special Assistant to the President on Media and Publicity, revealed this in a statement issued on Wednesday and obtained by the News Agency of Nigeria.

According to the statement, the expenditure of the recovered Abacha loot for the CCT scheme is in line with the Memorandum of Understanding (MoU) signed between the governments of Nigeria and Switzerland, as a condition for releasing the funds.

The statement highlighted that the CCT covers a monthly amount of N5,000 to more than 300,000 poor homes across the nation under the Social Investment Programme introduced by the Buhari administration.

The presidential spokesperson stated that the World Bank is also monitoring the utilisation of the recovered funds, as part of the MoU, adding that the bank has also given an additional facility to support the on-going cash transfers.

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