The Presidency on Tuesday said that the $311 million General Sani Abacha loot which was returned to the country on Monday would be used to fund ongoing projects.

In an explanatory statement he issued in Abuja, Garba Shehu, Senior Special Assistant to the President (Media & Publicity), confirmed the return of the money to the country from the United States and the Bailiwick of Jersey.

He said the money had already been earmarked for ongoing infrastructure projects including second Niger Bridge, the Lagos-Ibadan, Abuja-Kaduna-Kano highways and Mambilla Power Project.

While recalling similar stolen funds that have been returned to the country over the years, he alleged that corruption under previous administrations had hindered the return of looted funds.

According to him, the return of the latest tranche of Abacha loot was an indication of the deepening relationship between the government of Nigeria and the US government.

The statement read: “On Monday, May 4, 2020, some $311 million- stolen from the citizens of Nigeria during the Abacha regime – were safely returned to our country from the United States.

“These funds have already been allocated and will be used in full for vital and decades-overdue infrastructure development: The second Niger Bridge, the Lagos-Ibadan and Abuja-Kaduna-Kano highways–creating tens of thousands of Nigerian construction jobs and local skills, which can then be useful in future projects.

“Part of the funds will also be invested in the Mambilla Power Project which, when completed, will provide electricity to some three million homes – over 10 million citizens – in our country.

“The receipt of these stolen money – and the hundreds of millions more that have already been returned from the United Kingdom and Switzerland – are an opportunity for the development of our nation, made far harder for those decades the country was robbed of these funds.

“Indeed, previous money returned last year from Switzerland – some $320 million– are already being used for the government’s free school feeding scheme, a stipend for millions of disadvantaged citizens, and grain grants for those in severe food hardship.

“Without these funds, the fight against COVID-19 would be even tougher.

“The latest return is a testament to the growing and deepening relationship between the government of Nigeria and the government of the United States.

“Without the cooperation both from the UK government, the US executive branch and US Congress, we would not have achieved the return of these funds at all.

“For years many countries deemed successive Nigerian administrations as too corrupt, too venal and too likely to squander and re-steal the stolen monies – so they did not return the funds.

“Today, US, UK and other jurisdictions have found the partnership with the nation of Nigeria they can finally trust.”