NEWS: NIGERIA - Recovered Abacha loot is $26.4m, £19m – FG

The Federal Government has disclosed that, ‎as at the end of November, the total amount recovered from the former military dictator, late Gen. Sanni Abacha, stood at $26.4 million and £19 million, respectively.


‎This was disclosed at the end of a meeting of the National Economic Council presided over by Vice President Yemi Osinbajo inside the Presidential Villa, Abuja, which has all state governors as members.

The Benue State Governor, Samuel Ortom, who was joined by the Sokoto State Governor, Aminu Tambuwal; Taraba State Governor, Dairus Ishaku; and the Minister of Budget and National Planning, Udo Udoma, disclosed this to State House correspondents.

According to the governor, the figure was disclosed by the Accountant-General of the Federation, Ahmed Idris, during a presentation he made to the council.

“We were also briefed on updates on Abacha loots in council. The Accountant-General of the Federation reported that the dollar account as at November 2015 ending has a balance of $ 26.389 million while the pounds sterling account has a balance of £19, 033, 000.00 That is where we are today,” Ortom said.

Tambuwal said the Governor of the Central Bank of Nigeria, Godwin Emefiele, told the council that the drop in oil prices had put a serious pressure on the country’s reserve which currently stands at $29 billion.

He said the CBN governor also briefed the council on the monetary policy currently being introduced by the apex bank.

“The CBN governor gave an update on monetary policy measures on foreign exchange strategy and he told the Council the challenges being faced by many countries as a result of the global economy recession.

“He also reported that the drop 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 among others as follows: the deduction of cash reserve ratio from 25 percent to 20 percent; measure on forex market and BVN considering the introduction of debit card for travelers instead of cash exchange demands to reduce cash for illicit businesses; and also looking at option to diversify the economy away from oil”, Tambuwal said.

Ishaku on his part said the AGF also told the council that the Excess Crude Account stood at $2.257 billion at the end of November and also put the interest on the account at $599 million.

The Taraba governor said, “We were also briefed today on the reports 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 $599, 137, 467 into the account as at accrued interest.

“We were also briefed on the report of the Federal Government’s agencies that are collecting revenue in foreign currency and are remitting the monies 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 later be made known to the public.”

Udoma on his part said his ministry presented the Medium Term Expenditure Framework and the Fiscal Strategy Paper which highlight government’s fiscal policy strategy and direction for the next three years to the council.

He said the Council was also briefed about government revenue and expenditure projections for the next three years as well as government’s view in terms of the global outlook and micro-economic framework as well as the key assumptions underlining the projections.

Udoma said in view of the drop in oil prices, the Federal Government urged states to look inward by boasting their Internally Generated Revenue and block financial leakages.

The states were also advised to be conservative in their expenditure and their expenditure projections.

He said, “The presentation urged the states to adopt the MTEF and FSP which has now been approved by the National Assembly, which is the only body that can approve it. We urged them adopt it as a basis for the developing their annual budgets.

“We also emphasised the need for states to be guided by the assumptions of the MTEF and also 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 their IGR and blocking financial leakages in the system and generally we emphasised the need in planning for the economy for the federal and state governments to work very closely with government because we are dealing with one economy.”


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