Tribune OnlineTribune OnlineTribune Online
  • Home
  • News
  • Columns
  • Editorial
  • VIDEOS
  • Entertainment
  • Politics
  • Health
  • Opinions
  • SPORTING TRIBUNE
Reading: How not to spend Abacha loot
Share
Notification Show More
Font ResizerAa
Tribune OnlineTribune Online
Font ResizerAa
  • Home
  • News
  • Columns
  • Editorial
  • VIDEOS
  • Entertainment
  • Politics
  • Health
  • Opinions
  • SPORTING TRIBUNE
  • About Us
  • Contact us
  • Disclaimer
  • Privacy Policy
  • Advertise
Have an existing account? Sign In
Follow US
© 2026 African Newspapers of Nigeria Plc. All Rights Reserved. | Disclaimer | Privacy Policy | Editorial Policy | Corrections Policy | Terms & Conditions
Home » How not to spend Abacha loot
Lynx Eye

How not to spend Abacha loot

David Olagunju
May 20, 2018
Share
Igbo, Zamfara, peace accord, Inec Buhari, electoral election osun state
Add as a preferred source

THE Federal Government last Monday announced how it will deploy the latest hull in its loot recovery drives across the Western capitals. Vice President Yemi Osinbajo, who spoke in Abuja said that the fresh Abacha loot recovered from Switzerland amounting to $320 million would be deployed to the Conditional Cash Transfer scheme of the Federal Government “to support the poor.”

Osinbajo, who declared open the Eighth Commonwealth Conference of Anti-Corruption Agencies in Africa, where he represented President Muhammadu Buhari, disclosed that the model of spending was given by the Swiss authorities for the repatriation of that sum.

The Vice President had also told the gathering that the Global Forum on Asset Recovery, had facilitated efforts towards asset recovery and return.

He said: “The GFAR saw the signing of a Memorandum of Understanding between Nigeria and the Government of Switzerland for the return of an additional $320m of the Sani Abacha loot.

“Included in that agreement is the commitment that the funds would be invested in one of Nigeria’s flagship social investment programmes, the Conditional Cash Transfer scheme targeted at the poorest and most vulnerable households in our country.’’

That the Swiss government gave such a condition is understandable as it is in line with the socio-economic welfarism commonly on display in the Western countries. But that the Buhari government chose to imbibe the advice without taking a close look at the peculiarities of Nigerian circumstance is worrisome. The Yoruba have a proverb that says, ile laa wo, k’ato somo loruko (a child is named according to circumstances at home).

In effect, the Buhari government needed to implement the Swiss advice in line with the peculiar circumstances in the Nigerian context.

Here is a country where statistics and data are the most difficult things to come by. The country has been unable to undertake its population census, which went due in 2016, no date has so far been fixed for that exercise; the National Identity Management Commission (NIMC) charged with the responsibility of issuing valid National Identity Cards to citizens has been at it for more than four years and has so far been unable to register the population equivalent to that of the smallest state in the country. School enrolments are largely based on guess work. The country is used to quoting estimated population, estimated statistics, makes estimated planning and ensure estimated living.

So in a country, where all your data are based on estimates, conjured merely from some people’s heads, how do you reach the poorest of the poor with social investment programmes?

Though the Buhari government has been at it for three years now, no one has undertaken honest and independent assessment of the implementation.  When in 2016, the Chairman, Appropriation Committee in the Senate, Senator Danjuma Goje cautioned that the N500 billion earmarked for social investments be put on hold to enable the government generate data to power the execution, he almost earned the appellation of an enemy of the people.

Since 2016, the conditional cash transfer scheme of the government has been in operation, but no one can surely say that accountability is an integral part of the programme. But accountability is the hallmark of anti-corruption. But then, who audits the books of the Federal Government? Auditor General’s Office? That’s another world.

Though the huge sums have gone into the budget in the name of the conditional cash transfer scheme each passing year since 2016, no one can say for sure how many school children are being fed through the school feeding programme. No one can tell how many old and vulnerable are benefiting monthly from the N5, 000 monthly package.

Except for those engaged in the NPOWER programmes, whose identities can be traced, the other components of the conditional cash transfer scheme are shrouded in deep secret.  Even under the NPOWER programme, we hear stories of long delay in payment of the N30,000 stipend. I was once told some participants were asked to produce drivers’ license before their accounts can be credited after four months of delay.

Knowing that the conditional cash transfer scheme is bedevilled with so much data constraint why would Buhari and Osinbajo agree to deploy looted funds into such a venture?  Maybe they overrate the sincerity of those who work with them. Maybe they underrate the enormity of corruption in the society.

By agreeing to deploy that money to the secretive conditional cash transfer scheme, Buhari may be opening his government to future ridicule.

The government of President Olusegun Obasanjo received some repatriated loot but chose to deploy the funds into the Consolidated Revenue Fund of the Federation. Till date, no one can say with certainly how the money was spent.

Under former President Goodluck Jonathan, the same happened and it was thought that the administration would adopt the initiative of ensuring special appropriation for the sums after it approved lodgement in the Special accounts at the Central Bank.

With a benefit of hindsight, no one should expect Buhari to repeat the mistakes of the past. Especially as his administration prides itself as one battling corruption frontally.

For such a landmark sum, the government would have done well to either deploy it for some infrastructure projects that the eyes can see. Spending Abacha loot on infrastructural projects would have been more

accountable instead of deploying it for some stomach infrastructure projects. I hope in the future, sounds of ‘looting the loot’ or ‘re-looted’ would not rent the air when questions are raised about the $320 million Abacha loot.


WATCH TOP VIDEOS FROM NIGERIAN TRIBUNE TV

  • Back to School, Back to Business A Fresh Start

  • Relationship Hangout: Public vs Private Proposals – Which Truly Wins in Love?

  • “No” Is a Complete Sentence: Why You Should Stop Feeling Guilty

  • Relationship Hangout: Friendship Talk 2025 – How to Be a Good Friend & Big Questions on Friendship

  • Police Overpower Armed Robbers in Ibadan After Fierce Struggle


    Get real-time news updates from Tribune Online! Follow us on WhatsApp for breaking news, exclusive stories and interviews, and much more.
    Join our WhatsApp Channel now


Previous Article Obey, Senwele Jesu, others honour new CAC General Evangelist
Next Article pdp ADC, SDP no threat to PDP —Odeyemi

Most Read

  • Lagos to begin construction of Epe international airport, 2027
    Lagos to begin construction of Epe international airport, 2027
  • Naira appreciates against dollar at official FX market 
    Naira appreciates against dollar at official FX market 
  • ‘You’re the disgrace’: Nigerian High Commission, South Africa trade blows over Fani-Kayode
    ‘You’re the disgrace’: Nigerian High Commission, South Africa trade blows over Fani-Kayode
  • FG operating many airports at loss — Keyamo
    FG operating many airports at loss — Keyamo
  • 15-year-old FCT student wins 2026 UBA national essay competition
    15-year-old FCT student wins 2026 UBA national essay competition
  • Ooni of Ife attends ex-wife Naomi's convocation at Elizade university
    Ooni of Ife attends ex-wife Naomi's convocation at Elizade university
  • Tinubu’s supporters say they are MAD
    Tinubu’s supporters say they are MAD
  • Prince William’s ‘one condition’ for reconciling with Prince Harry
    Prince William’s ‘one condition’ for reconciling with Prince Harry
  • Bobrisky to TBoss: You have no authority to dictate how men dress
    Bobrisky to TBoss: You have no authority to dictate how men dress
  • How I received N100m alert after APC campaign – Portable
    How I received N100m alert after APC campaign – Portable

Frontpage Today

Subscribe to e-Paper

E-Vending, e paper, pdf, e-paper, Tribune
QUICK LINKS

About Us
Advertise with Us
Contact Us
Privacy Policy
Disclaimer
Editorial Policy
Corrections Policy
Terms & Conditions
COLUMNS

Aplomb
Ask The Doctor
Autoclinic With The Mechanic
Awo's Thought
Empowered For Life
Festus Adebayo's Flickers
Gibbers
Intimacy
Language & Style
Leadership & Management
Lynx Eye
Monday Lines
Mum & Child
Natural Health
Notes from Atlanta with Farooq Kperogi
On The Lord's Day
Your Life Counts

ENTERTAINMENT

Entertainment

RELIGION

Tribune Church
Church News
Muslim Sermon
Eye of Islam
Islamic News

EDITORIAL

Editorial
Opinion
Letters
News Extra

BUSINESS

Capital Market
Money Market

REGIONS

Niger Delta
Arewa
MORE

Sexuality & Health
Special Report
Sports
Tourism
Travelpulse & MICE
Weekend Lagos
Book Review
Education
Event Digest
Crime & Court
Ecoscope
Energy
Maritime
Aviation
Brands & Marketing
Agriculture
Info Tech
Labour
Leadership & Management
Arts & Culture
Arts & Reviews
Politics
Health News
© 2026 African Newspapers of Nigeria Plc. All Rights Reserved. | Disclaimer | Privacy Policy | Editorial Policy | Corrections Policy | Terms & Conditions

Add Tribune Online to your Homescreen!

Add
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?