The Presidency has recanted its earlier position that the Mambilla Power and East-West Road projects would also be financed with the returned $311m Sani Abacha loot.

A presidential spokesperson, Garba Shehu, in a statement on Wednesday, said 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.

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

The statement titled ‘Three of Five FG Priority Projects to Draw from Abacha Loot’ read: “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 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.”


Source: Daily Trust