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Presidency Verifies Projects To be Funded With Recovered Abacha Loot

Some week s after the Mambilla Power and East-West Road projects was placed to be financed with the returned $311m Sani Abacha loot, A new revelation has been given.

Naija News leanrt that presidential spokesperson, Garba Shehu, in a statement on Wednesday, recanted its earlier position saying that the recently repatriated Abacha loot would go towards three of the Federal Government’s five priority projects, excluding the Mambilla Power and the East-West Road projects.

The statement read in part: ”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.

”Although the Mambilla and East-West expressway are regarded under the PIDF as priority projects, I have ascertained that they are exempted from the agreement signed between the Nigerian, United States and 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.”

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