The Federal Government has announced that the sum of $311 million repatriated to Nigeria following the tripartite agreement with the United States and the Bailiwick of Jersey earlier in 2020, has been handed over to the Nigeria Sovereign Investment Authority for investment in road projects.
This was revealed by the Federal Government after the inspection of the ongoing reconstruction of the Abuja-Kaduna-Zaria-Kano dual carriageway by the Finance Minister, Zainab Ahmed; Minister of Works and Housing, Babatunde Fashola and the Chief of Staff to the President, Prof. Ibrahim Gambari.
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She explained that the issue of funding has been addressed because @FinMinNigeria has given 650 million US dollars to @nsia_nigeria, whose responsibility is to generate additional funds to ensure Abuja-Kad-Zaria-Kano dual carriageway & other designated projects are fully funded.
— Government of Nigeria (@NigeriaGov) November 22, 2020
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Ahmed stated at the inspection that the issue of infrastructure funding had been addressed because the Finance Ministry had given $650 million to Nigeria Sovereign Investment Authority, whose responsibility is to generate additional funds to ensure that Abuja-Kaduna-Zaria-Kano dual carriageway & other designated projects are fully funded.
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The FG later stated that an additional $311 million was sent to the NSIA for road investments.
“An additional 311 million US dollars repatriated to Nigeria following the signing of a tripartite agreement with the United States and the Bailiwick of Jersey earlier in 2020, has been handed over to NSIA for investment in these designated roads,” the Federal Government stated.
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An additional 311 million US dollars repatriated to Nigeria following the signing of a tripartite agreement with the United States and the Bailiwick of Jersey earlier in 2020, has been handed over to @nsia_nigeria for investment in these designated roads. https://t.co/BQSIyUZtn5
— Government of Nigeria (@NigeriaGov) November 22, 2020
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What you should know
Nairametrics reported in May that Nigeria had recovered over $311 million of the alleged stolen funds by the country’s former military ruler, General Sani Abacha, from the United States and Jersey. This was disclosed by the Attorney General’s office.