Breaking News

N37.3bn Abacha loot: ‘loot being re-looted’ Nigerians react

Kindly Share This Story:

By Temisan Amoye – Lagos

The Special Adviser to the President on Social Investment Programme, Mrs Maryam Uwais, while delivering an address at a training for illicit funds on Monday, said the President Buhari-led administration has released the Abacha loot and other credits and grants by International Development Association towards the Social Investment Programme, designed to address the plight of poor and vulnerable Nigerians

Gen. Sani Abacha

Mrs. Maryam Uwais said from August 2018 to the October payment cycle, the total amount released from the Abacha loot was $76,538,530 and $27,099,028 from the IDA credit. The amounts sum up to $103,637,558 and a whopping N37.3 billion when converted to Naira ( at the rate of N360 to the dollar).

She said the funds were specifically being disbursed to beneficiaries of the Cash Transfer Programme, a component of the National Social Investment Programme. The beneficiaries were gotten from a National Social Register, collated by the National Social Safety Net Coordinating Office.

Mrs. Uwais also said the decision to disburse the funds directly to the poor and vulnerable was reached by the Swiss Government, World Bank, and the Nigerian Federal Government, to avoid being re-looted into private pockets.

Nigerians on social media have been reacting to the news, reactions range from outright comical to thought-provoking, below are some of the reactions.

Vanguard News

Kindly Share This Story:
All rights reserved. This material and any other digital content on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from VANGUARD NEWS.


Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.
Do NOT follow this link or you will be banned from the site!