Abacha loot will fund three of Nigeria's five priority projects- Presidency

The Presidency has revealed that the Sani Abacha loot will fund three of Nigeria's five priority projects, excluding the Mambilla power and East-West road projects.

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, Spokesperson to Buhari, Garba Shehu said.

Shehu went on to apologise for saying the Mambilla Project would benefit from the $311 million Abacha loot.

He said it was a mistake he regretted. He noted that though the power project and East-West expressway were priority projects, they were exempt from being supported by the repatriated funds.

"In an earlier statement, I had mistakenly noted that the Mambilla project was one of five priority projects to benefit from the $311 million Abacha loot under the Presidential Infrastructure Development Fund, PIDF managed by Nigeria Sovereign Investment Authority.

"Although the Mambilla and East-West expressway are 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," Shehu said.

In an earlier statement, I had mistakenly noted that the Mambilla Project was one of five priority projects to benefit from the $311 million Abacha loot under the Presidential Infrastructure Development Fund (PIDF) managed by @nsia_nigeria. That error is regretted. — @GarShehu

— Presidency Nigeria (@NGRPresident) May 13, 2020