The federal government has released $311 million Abacha loot to the Nigeria Sovereign Investment Authority (NSIA) to fund its activities.
The NSIA managing director, Mr. Uche Orji, disclosed this at a virtual meeting with the press to discuss the Authority’s 2019 financial statement.
He said, “The federal government has transmitted $311 million Abacha loot to the NSIA. This was facilitated by the legal counsel of the NSIA. The money is domiciled in cash with the Central Bank of Nigeria in a special account. NSIA “hopes to start using the money in the third quarter of the 2020” on some critical infrastructure projects like the Second Niger Bridge, Lagos Ibadan expressway among other.”
The Authority also said it recorded total comprehensive income of N36.15billion in 2019 as against N44.34 billion recorded in 2018.
Excluding foreign exchange gain of N18 billion in 2018 and N1.28 in 2019, the net income in 2019 was N34.87 billion compared to N26.28 billion in 2018.
Also, it closed key transactions and increased capital deployment on domestic infrastructure projects specifically in agriculture, healthcare, and infrastructure enabling financial institutions.
