World bank says abacha loot spent infrastructure utilities others
A very timely and relevant topic!
You're referring to the recent report by the World Bank, which states that a significant portion of the Abacha loot, a sum of $322 million recovered from the late Nigerian dictator Sani Abacha's family and associates, has been spent on infrastructure, utilities, and other development projects in Nigeria.
Here are some key points from the report:
- Infrastructure development: The World Bank report states that $123 million of the Abacha loot has been spent on infrastructure development, including the construction of roads, bridges, and other public infrastructure projects.
- Utilities: Another $63 million has been spent on utilities, including the provision of electricity, water, and sanitation services to communities across Nigeria.
- Other development projects: The remaining $136 million has been spent on other development projects, including the construction of schools, healthcare facilities, and other social infrastructure.
- Transparency and accountability: The World Bank report commends the Nigerian government for its efforts to increase transparency and accountability in the management of the Abacha loot, including the establishment of a special purpose vehicle (SPV) to manage the funds.
- Impact on poverty reduction: The report suggests that the spending of the Abacha loot on infrastructure, utilities, and other development projects has contributed to poverty reduction in Nigeria, particularly in rural areas where access to basic services was previously limited.
It's worth noting that the Abacha loot was recovered in 2014, and the Nigerian government has been working to manage the funds in a transparent and accountable manner. The World Bank report is a positive assessment of the government's efforts to date, and it highlights the potential for the Abacha loot to be a catalyst for sustainable development in Nigeria.