The Federal Government has announced that the returned $320m Abacha loot would be spent on the Conditional Cash Transfer scheme to support the poor.
Declaring open the Eighth Commonwealth Conference of Anti-Corruption Agencies in Africa on Monday in Abuja, the President, represented by Vice President Yemi Osinbajo, said it was one condition given by the Switzerland authorities for the repatriation of the funds.
Buhari said that The Global Forum on Asset Recovery, after its inaugural meeting in Washington, DC, in December 2017, had facilitated efforts toward asset recovery and return.
“The GFAR saw the signing of a Memorandum of Understanding between Nigeria and the Government of Switzerland for the return of an additional $320m of the Sani Abacha loot,” Osinbajo announced.
“Included in that agreement is the commitment that the funds would be invested in one of Nigeria’s flagship social investment programmes, the Conditional Cash Transfer scheme targeted at the poorest and most vulnerable households in our country.’’