Economic Crisis: Buhari urge World Bank for the fast return of loot

President Muhammadu Buhari on Wednesday urged the World Bank to do all within its powers to facilitate the speedy repatriation of stolen funds back to Nigeria. He made the call during a meeting with the visiting Managing Director of the World Bank, Ms. Sri Mulyani Indrawati, at the Presidential Villa, Abuja.

Buhari said the repatriation of the additional $320 million in Switzerland, which has been identified as being illegally taken from Nigeria during the late Sani Abacha’s administration, will help to ease the current economic hardship in the country.

The President, in a statement issued by his Senior Special Assistant on Media and Publicity, Garba Shehu, assured Ms Indrawati that his administration was taking appropriate steps to ensure that public funds are no longer stolen or misappropriated by government officials.

He said: ‘‘We need the support of the World Bank for the repatriation of the funds.

“We are as concerned as the World Bank about accountability. If such repatriated funds have been misapplied in the past, I assure you that the same will not happen with us.

“$320 million is a lot of money and we will not allow it to be misappropriated or diverted.”

One of the conditions given by the Swiss Authorities for the repatriation of the funds is that it should be expended on social programmes for the benefit of Nigerians in an efficient and accountable way, guaranteed by the monitoring of the World Bank.

President Buhari also assured the World Bank Managing Director that his administration will honour all agreements with the bank that will help to stimulate Nigeria’s economy and reduce the level of poverty in the country.

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