Home BUSINESS NEWS How FG spent $322m recovered from Abacha family – Presidency

How FG spent $322m recovered from Abacha family – Presidency

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Garba Shehu has explained how the federal government spent the $322 million recovered from Abacha family
The presidential spokesperson said the fund was put into Social Investment Programme
Over 300,000 poor homes benefitted from the cash disbursement

The senior special assistant to the president on media and publicity, Garba Shehu, has explained how the $322 million recovered from late Gen. Sani Abacha’s family is being utilised by the Muhammadu Buhari administration. Shehu, in a statement obtained by the News Agency of Nigeria in Abuja on Wednesday, said the money was used to make the Conditional Cash Transfer of a monthly amount of N5,000 to more than 300,000 poor homes across the nation under the Social Investment Programme introduced by the federal government.
He added that the spending was in line with the Memorandum of Understanding signed between the governments of Nigeria and Switzerland as a condition for releasing the funds. According to Shehu, as part of the MoU, the World Bank is monitoring the application of the funds, noting that the Bank has also given an additional facility to support the on-going cash transfers. Meanwhile, Vice President Yemi Osinbajo says since assuming office in 2015, the President Muhammadu Buhari-led administration had spent a total of N2.7 trillion on infrastructure.
Osinbajo made the disclosure at the palace of the Ovie of Ughelli, Oharisi III, during a courtesy visit to the monarch on the enumeration exercise of the TraderMoni scheme in the Ughelli main market.
Legit news nigeria gathers that the scheme would commence disbursement in the market in January 2019, with 30,000 beneficiaries getting N10,000 each. The vice president stressed that the federal government is committed to ensuring that monies belonging to Nigerians are not stolen but used for nation building.

 

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