Two decades after former military leader, Sani Abacha died, Nigeria’s funds looted by the late dictator are still flowing in like a spring that never dries.
There is $322.5 million of that loot cooling in the Central Bank’s coffers for the Nigerian government, and the government wants to let Nigerians enjoy that loot.
But there is a category of persons that will benefit from it.
This is according to the Minister of Finance, Mrs Kemi Adeosun, who addressed reporters with the Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, at the end of the 2018 International Monetary Fund and World Bank Spring meeting held in Washington.
Reeling out some of the achievements of the current administration of President Muhammadu Buhari, the Minister said the administration had succeeded in building macroeconomic resilience for Nigeria, particularly revising funding mix, rebuilding fiscal buffers, enhancing foreign exchange reserves and focusing on import substitution strategies.
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“We will continue to efficiently and effectively manage public sector costs and plug leakages, and make sure that every money that is earned comes in and delivers full value to the Nigerian people.
“We are refinancing our inherited debt portfolio from short-term Treasury Bills to longer tenured debt, which has resulted in huge savings and reduction in costs of funds for the government. We will continue along this path,” she said.
Before she highlighted how the Abacha loot would be spent, Mrs Adeosun told reporters that President Buhari’s administration had raised Nigeria’s taxpayer base from 13 million in 2015 to 17 million currently.
“The sum of $322,515,931.83 Abacha funds recovered from the Swiss Government and deposited into a special account in the Central Bank of Nigeria has been earmarked for the National Social Safety Nets programme of the government,” she stated.