The Federal Government has handed over the recently released $311 million Abacha loot from the United States of America to the Nigeria Sovereign Investment Authority for the funding of its activities.
This was disclosed by the Managing Director of the NSIA, Uche Orji, during a virtual meeting with newsmen to discuss the Authority’s 2019 financial statement.
Orji said: “The Federal Government has transmitted $311 million Abacha loot to the NSIA.
“This was facilitated by the legal counsel of the NSIA.
“The money is domiciled in cash with the Central bank of Nigeria in a special account.”
Orji said the NSIA “hopes to start using the money in the third quarter of the 2020” on some critical infrastructure projects like the Second Niger Bridge and Lagos-Ibadan Expressway.