A total of about N10.7billion is left in the account housing the recovered Abacha loot, Nigerian officials said on Thursday.
The recovered Abacha loot are funds returned to the Nigerian government from monies stolen from the country’s treasury by a now late military Head of State, Sani Abacha. The late dictator had stolen an estimated $5 billion from Nigeria’s coffers and the money is being returned in tranches after agreements with countries such as Switzerland and the United States.
It is reported that not less than $700 million has been repatriated from Switzerland alone, but not clear how much has been recovered in total.
The Former Minister of Finance Ngozi Okonjo-Iweala is currently under attack for approving the transfer of $322 million Abacha loot to former National Security Adviser (NSA) Sambo Dasuki to prosecute the fight against Boko Haram, without appropriation. But she said it was a loan. Okonjo-Iweala through her media adviser, Paul Nwabuikwu, had in a recent statement said: “Some new Abacha funds of about $322 million were returned with another $700m still expected to be returned. Former President (Goodluck) Jonathan set up a Committee comprising the former
Minister of Justice, former NSA and the former Minister of Finance to determine how best to use both the returned and expected funds for development.”
However, briefing journalists at the Presidential Villa Abuja, after the monthly National Economic Council Meeting, Benue state governor Samuel Ortom, said the named amount is what the current administration met in the account as it has not been touched by this government.
He said according to the Accountant General of the Federation, Ahmed Idris, who briefed council “the dollar account as at November 2015 ending has a balance of $ 26, 000, 389 (5, 122, 076, 633) , while the pounds sterling account has a balance of £19, 033, 000.00 ( 5, 619, 965, 268.4) That is where we are today”.
The Accountant General of the Federation also briefed council on the state of the excess crude proceeds. The Accountant General of the Federation reported to Council that the ECA stood at $2.257 billion as at the end of November, 2015.
He also reported a slight change against the previous balance with an interest which is due of N599,137, 467 Dollars into the account as at accrued interest.
Taraba state governor, Darius Ishiaku said council received briefing on the report of the federal government agencies that are collecting revenue in foreign currency but remitting in Naira equivalent into the federation account , which is not allowed. “So the Ministry of Finance is working on the details to pass it to the Council with a comprehensive report on the agencies that are involved, which will be later be made known to the public” he said.
Budget and national planning minister, Udo Udoma, told journalists at the briefing that council was briefed by the ministry on the MTEF and the Fiscal Strategy Paper. The presentation, he said highlighted the government’s fiscal policy strategy and direction for the next three years. Council was also briefed on government’s revenue and expenditure projections for the next three years as well as their views in terms of the global outlook and micro-economic framework and the key assumptions underlining the given projections .
The presentation, Udoma said urged the states to adopt the MTEF and FSP which has now been approved by the National Assembly, as a basis for developing their annual budgets. “We also emphasised the need for states to be guided by the assumptions of the MTEF and Aldo the need for states to be conservative in their expenditure and their expenditure projections for 2016-2018, in view of the declining oil price. We also urged states to look towards enhancing Thierry IGR and blocking financial leakages in the system and generally we emphasised
the need in planning for the economy for the federal and state government to work very closely with government because we are dealing with one economy” he said.
Sokoto State governor, Aminu Tambuwal who was also at the briefing, said the CBN governor, Godwin Emefiele, gave an update on monetary policy measures on foreign exchange strategy and told the Council the challenges being faced by many countries as a result of the global economic recession. He also reported that the group in the oil prices has caused serious pressure on Nigeria’s reserve which currently stands at $29 billion.
He also briefed the Council on monetary policy which includes amongst others: The deduction of cash reserve ratio from 25 percent to 20 percent. The measure on forex market and BVN considering the introduction of debit card for travellers instead of cash exchange demands to reduce cash for illicit businesses, and also looking an option to diversify the economy away from oil.
Elizabeth Archibong
