France is set to repatriate $150 million stolen from Nigeria by former Head of State, late General Sani Abacha.
This was announced by presidential spokesman, Ajuri Ngelale, following a meeting between President Bola Tinubu and Catherine Colonna, the French Minister of Europe and Foreign Affairs.
Abacha ruled Nigeria from 1993 until his death in 1998. Transparency International had estimated that he stole up to $5 billion from the nation’s coffers during those years.
More than two decades after his death, Nigeria has continued to recover funds stolen by him during the five years he ruled the nation.
Transparency International puts the total amount recovered since the death of the late military dictator at $3.65 billion, as of 2022.
“Thank you for the good news on the return of Abacha loot,” Ngelale quoted President Tinubu as thanking France for the planned return of the loot.
“We appreciate your effective cooperation concerning the return of Nigeria’s money. It will be judiciously applied in attaining our development objectives,” the President added.
Tinubu emphasized the need for stronger collaboration on both political and economic fronts, and welcomed the growing cooperation between the two countries in areas of mutual interest, such as climate change, economic integration, education, and culture.
On the situation in Niger Republic, the President, who is also the Chairman of the ECOWAS Authority of Heads of State and Government, said that Nigeria is monitoring the situation closely and working through diplomatic channels to avoid violence.
“Leadership is about responding to the needs of the people; their cries, and their frustrations. Nigeria shares a border with Niger across the expanse of seven Nigerian states, and most of these states are very populated. Therefore, I need to guide ECOWAS carefully and steadily so that we manage our anger carefully.
”We have a colleague and a democratically-elected leader, President Bazoum, being used as a human shield. If we are not careful, he and his family can be endangered.
”I am deploying all appropriate back-channel strategies to avoid bloodshed in Niger Republic. We recognize the wishes of our people; they do not want war, but that does not mean we can not take bold and decisive action,” the President affirmed.
President Tinubu said Nigeria will continue to galvanize international partners in the determined pursuit of a peaceful resolution to the situation in Niger Republic.
The French Minister of Europe and Foreign Affairs conveyed the goodwill of President Emmanuel Macron and expressed the readiness of France to expand mutually beneficial collaboration with Nigeria across multiple sectors.
She extended a formal invitation to President Bola Tinubu to attend the forthcoming Paris Peace Forum.
Colonna further applauded the conclusion of the lengthy legal process for the repatriation of the Abacha loot.
“It was a long process, but we are glad that it was concluded. Sometimes, justice may be slow, but this is a very good achievement,” she said.
Colonna added, “We support your efforts at ECOWAS. We are behind you because we believe that constitutional order is a treasure for all countries, and democracy must be a reality.”
bola ahmed tinububola tinubuEmmanbuel MacronFranceSANI ABACHA
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After Tinubu Disowned N5bn ‘Presidential Yacht’ Request, Reps Yank Off Proposal From Supplementary Budget
The House of Representatives has removed the N5 billion presidential yacht from the 2023 supplementary budget.
The House passed the N2.17 trillion budget on Thursday after the adoption of the report submitted by the chairman of its appropriations committee, Abubakar Bichi.
Bichi announced that the committee had reallocated the funds proposed for the yacht to the student loan budget provision to make it N10 billion.
Leading Reporters earlier reported that amid backlash over the N5 billion budget provision for the presidential yacht, the Presidency clarified that President Bola Tinubu did not request and does not need a yacht to carry out his functions.
According to Temitope Ajayi, the Senior Special Assistant to the President on Media and Publicity, the Nigerian Navy requested it in its budget.
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Earlier on Thursday, the Senate passed the supplementary budget which amounted to N2.17 trillion.
President Tinubu had requested the supplementary budget to address labour wage adjustments, security concerns, and other urgent matters.
Additionally, the President sent the 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the Senate for consideration.
The sectoral allocations of the supplementary budget were as follows:
- INEC: N18 billion
- Defence: N346.1 billion
- Police formations and commands: N29.6 billion
- Office of the National Security Adviser: N39.6 billion
- Federal Ministry of Agriculture and Food Security: N103 billion
- Service-wide vote: N515 billion
- State House: N28 billion
- Ministry of Defence: N200 billion
- Police formations and commands: N20.3 billion
- Office of the National Security Adviser: N10.3 billion
- Federal Ministry of Agriculture and Food Security: N97 billion
- Federal Ministry of Works: N300 billion
- Federal Capital Territory Administration: N100 billion
- Capital Supplementation: N220.5 billion.
