80% Social Investments Funded With Abacha Loot – Presidency

The Special Adviser to President Muhammadu Buhari on Social Investments , Mrs Maryam Uwais , on Thursday , said 80 per cent of payments for social investments come from the recovered looted funds by former Head of State , Sani Abacha .
She added that the remaining 20 per cent came from credit from the World Bank .
She spoke as a keynote speaker during a training and advocacy programme on tracing and recovery of illicit funds and assets in Abuja .
The training was organised by Human Environmental Developmental Agenda 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.
Uwais said the beneficiaries of the fund had been very responsive and productive, adding that they had saved about N567 m .
According to her , over 18 ,200 of them had taken loans from the intervention while less than 1 ,000 had defaulted .
She said , “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 per cent from the Abacha loot so that we can pay the beneficiaries the amount that the government has pledged to help them . “This has been quite proactive for them because we have seen a lot of activities in the communities . Today many of these women are doing their business , they are trading , and engaging in agriculture . They are doing very well at their homes .” (punch)

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