SERAP To FG: How Did You Spend N289bn Recovered Loot?

The Socio-Economic Rights and Accountability Project (SERAP) has put Federal Government on the spot by asking President Muhammadu Buhari to as a matter of urgency cause the minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, to make known to Nigerians the details of how the $700 million (about N289bn) looted funds reportedly recovered by the federal government in the past four years was spent.

This is as the organisation also asked the president to direct the finance minister to make public the government’s plans on the spending of the returned £4.2 million Ibori loot, including details of planned capital expenditure, and whether or not there is any plan to ensure that the money and any future returned Ibori loot would be spent to achieve justice and effective remedies for victims of corruption in Delta State.

This follows last week’s revelation by the attorney general of the federation and minister of justice, Mr Abubakar Malami, SAN, that the federal government had recovered over $700 million looted funds, and had received the £4.2 million (about N2.4bn) linked to James Ibori, in addition to plans to repatriate more than £80 million (about N46.6bn) of Ibori loot

This demand by SERAP is contained in a public statement it issued on Sunday and can be seen on its website.