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Abacha loot-Presidency List Projects To Be Funded With $311m

The Presidency on Wednesday made a clarification on the projects to be funded by the repatriated Sani Abacha loot.

In a statement to DAILY POST on Wednesday by the Special Assistant to the President on Media and Publicity, Garba Shehu, he said the recently repatriated loot will go towards only three of the Federal Government’s five priority projects.

He said the Mambilla power and East-West road projects were not included as he stated in an earlier statement.

“In an earlier statement, I had mistakenly noted that the Mambilla was one of five priority projects to benefit from the $311 million Abacha loot under the Presidential Infrastructure Development Fund (PIDF) managed by the Nigeria Sovereign Investment Authority (NSIA). That error is regretted ” Shehu said.

“Although the Mambilla and East-West expressway is regarded under the PIDF as priority projects, I have ascertained that they are exempt from the agreement signed between the Nigerian, United States, and the British territory of Jersey governments.

“According to the document, only the second Niger bridge, Abuja-Kaduna-Kano expressway, and Lagos-Ibadan expressway will benefit from the repatriated funds. The funds are domiciled in the NSIA.

“All print and online media should please take note of this correction and make the necessary adjustments to their previous publications on the issue.”

king James

I am James Idinye the content CEO of King James Media Company the owner of kjmblog.com, I blog and am also a professional security expert.

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