Presidency Says 80% of Social Investments Funded With Abacha Loot
- FG is using the credit that we got from World Bank in the ratio of 20:80. 80 percent from the Abacha.
- 18,200 beneficiaries had taken loans from the intervention while less than 1,000 had defaulted.
The Presidency has disclosed that said 80 percent of payments for social investments were from the recovered looted funds by former Head of State, Sani Abacha.
The Special Adviser to President Muhammadu Buhari on Social Investments, Maryam Uwais added that the remaining 20 percent were from credit from the World Bank.
Speaking during a training and advocacy programme organised by Human Environmental Developmental Agenda which is on tracing and recovery of illicit funds and assets in Abuja on Thursday, the Presidential Aide said the beneficiaries of the fund had been very responsive and productive and they had saved about N567m.
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The training was supported by MacArthur Foundation and Open Society Initiative for West Africa in collaboration with Kent Law School, The Corner House, Finance Uncovered and Premium Times Centre for Investigative Journalism.
Given the breakdown of the figures, Uwais revealed that over 18,200 of them had taken loans from the intervention while less than 1,000 had defaulted.
“The funds for the social investments are from the World Bank and the Abacha loot. We are using the credit that we got from World Bank in the ratio of 20:80. 80 percent from the Abacha loot so that we can pay the beneficiaries the amount that the government has pledged to help them.
According to her, this has been quite proactive for them because the Government has seen a lot of activities in the communities.
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“Today many of these women are doing their business, they are trading, and engaging in agriculture. They are doing very well at their homes,” she added.