The Minister of Finance, Dr. Ngozi Okonjo-Iweala, has explained how the Olusegun Obasanjo administration spent the loot recovered from the late maxiumn dictator, Gen. Sani Abacha.
She said that contrary to reports that the sum of $2bn was recovered from Abacha’s loot, only $500m was recovered under her watch when she was first made finance minister.
The minister made the clarification amidst conflicting figures about the actual amount recovered.
For instance, speaking in London in November 2006, the pioneer Chairman of the Economic and Financial Crimes Commission, Mallam Nuhu Ribadu, had said that “Abacha took over $6bn from Nigeria,” and that $2bn of the loot had been recovered.
Ribadu repeated the same figure in the same month during the 12th International Anti-Corruption Conference in Guatemela.
Three months ago, Ribadu repeated the same claim in Dakar at the 2nd Annual High Level Dialogue on Governance and Democracy in Africa.
As Minister of Finance in the Olusegun Obasanjo administration, Okonjo-Iweala, in 2005 – a year before Ribadu made his claim – at a news conference in Switzerland reportedly said that Nigeria had recovered about $2bn total of asset from Abacha.
But reacting to the conflicting claims on the stolen money, the minister who spoke through her Special Adviser Communication, Mr. Paul Nwabuikwu, said that the recovered $500m under her watch was verified and used in a structured manner for developmental projects.Nwabuikwu said, “The minister did not say only $500m was recovered as the entire loot of Abacha. What she actually said was that under her watch when she was in government as a minister, it was that amount that was recovered. And that money was used in a structured way to carry out some programmes of government.
“You will recall that at a point, she left government to return after some years and she cannot be held accountable for whatever happens when she was not in office.
“So the bottom line is that only $500m was the amount recovered when she was in government.”
On how the funds were utilised, the minister through her special adviser said part of the recovered loot was used to fund projects in the power, health, works, health, education and water sectors.
The minister supported her claims with a report jointly prepared by the World Bank and Ministry of Finance – a copy of which was made available to our correspondent,
According to the document, the sum of N21.70bn was spent on power (rural electrification and power generation); N18.6bn on works (priority economic roads); and N10.83bn on health (primary health care and vaccination programme).
Also, N7.74bn was utilised on basic and secondary school education (primary schools, junior secondary schools and federal government colleges) and N6.20bn on water (potable water and rural irrigation). Click to signup for FREE news updates, latest information and hottest gists everyday
Advertise on NigerianEye.com to reach thousands of our daily users
Thieves. what is the impact of the money spent on the named developmental projects. This woman only knows how to quote developments that occur only in the papers
ReplyDeleteCan't someone else do this woman's job?
ReplyDeleteEnough of this stealing of huge amount of money..
The big figures stolen everyday under Ngozi Okojo Iweala's watch is causing HBP in the minds of Nigerians..
God will surely judge all of you thieves..
I don't think you read the above piece correctly. Abacha is to blame. I think when they said $2b in total asset, maybe indeed they meant TOTAL ASSET, while $500m was in cash, but part of the $2b.
DeleteAbacha and his family mmembers deserve to die by firing squad. Imagine all the money he stole and stashed abroad. Satan is better than any person from Abacha's familty. History will never forgive them. Thieves.
ReplyDeleteConfusion galore. Check: The Economist magazine, May 11 - 17, 2013, page 57 reported $1,058 million as the total amount returned, broken down as follows: $160 million from Jersey; $700 million from Switzerland; and $198 million from Britain. Can we ever get our figures right in this country.
ReplyDelete