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Nigerian Govt To Use $322.52m ‘Abacha Loot’ For Social Safety Net Program
Nigerian government has announced plans to use the $322.52 million returned to the country by the Swiss government as part of the fund looted and stashed abroad by late military dictator, General Sani Abacha, to implement its national social safety net programs.
Mrs. Kemi Adeosun, the Minister of Finance, made this known while talking to the press at the end of the 2018 International Monetary Fund and World Bank Spring Meetings in Washington DC, United States on April 22.
Mrs. Adeosun stated that the recovered fund which had already been lodged in a special account in the Central Bank of Nigeria (CBN) will be used for the social safety nets projects aimed at providing access to targeted transfers to poor and vulnerable households under an expanded national social safety nets system.
Mrs Adeosun also spoke on the current growth in the country’s economy. She stressed that the current economic growth showed inflation rate slowing down, with foreign reserves rising and that the current outlook contrasted with the situation experienced under previous administration before 2015.
Citing statistics from the National Bureau of Statistics (NBS), she said inflation dropped from 14.3 per cent in February 2018, to about 13.49 per cent in March 2018.
She also noted that the country’s foreign reserves, which stood at about $23 billion in October 2016, has grown to more than $47.93 billion, from about $47.37 billion as at April 5, 2018.
She said the government was optimistic that the country’s economic growth would be sustained, with current projections for 2019 expected to be far more robust than the present level in 2018.
“Government is confident that if we diligently implement our economic plan, we will continue to grow the economy,” she said.
Speaking on the government-owned-enterprises like the Nigerian National Petroleum Corporation, the minister said government would continue to efficiently and effectively manage their operational costs, plug leakages and ensure efficiency.
She said, “We must make sure every money earned comes in. We will drive the process of improving good governance and accountability.”
The Minister also said government is currently refinancing inherited debt portfolio from short term Treasury Bills to longer tenured debts and that this has resulted into huge savings and reduction in costs of funds.
She also informed that the Voluntary Assets and Income Declaration Scheme (VAIDS) deadline was extended by three months till June 30, 2018 following appeals from taxpayers for more time to regularize their tax status. She also pointed out that the present administration has raised the taxpayers’ base from 13 million in 2015 to 17 million as at 2018.
Mr. Godwin Emefiele, governor of the Central Bank of Nigeria, who was also at the briefing reassured the country of positive economic growth as he noted that a growth rate of 2.5 per cent projected by the IMF and World Bank for Nigeria was achievable.
Noting the sustained growth in the country’s external reserves, Mr Emefiele stressed the need to continue to grow the reserves to save for the rainy day.
He also guaranteed that concerted efforts were ongoing to realise the 80 per cent target for financial inclusion by 2020.
He said, “If we had enough reserves, we wouldn’t have suffered the recession shocks.”
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BREAKING: Faleke Obtains Tinubu’s Presidential Nomination Forms
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(L-R): Founder of Tinubu Support Group, James Faleke; APC National Organising Secretary, Suleiman Argungu; and other APC officials during the presentation of nomination and expression of interest forms to Faleke for President Bola Tinubu in Abuja on Tuesday.
The lawmaker representing Ikeja Federal Constituency, James Faleke, has picked up the All Progressives Congress Expression of Interest and Nomination forms on behalf of President Bola Tinubu ahead of the 2027 presidential election.
The APC National Organising Secretary, Suleiman Argungu, on Tuesday in Abuja, declared the process open and presented the Expression of Interest and Nomination forms to Faleke, who also serves as the founder of the Tinubu Support Groups.
Faleke’s collection and payment for the forms, valued at N100 million on behalf of the President, formally signal the commencement of Tinubu’s bid for re-election.
The Independent National Electoral Commission has scheduled the Presidential and National Assembly elections for Saturday, January 16, 2027, while governorship and State Houses of Assembly elections will hold on Saturday, February 6, 2027.
The commission also announced that party primaries, including the resolution of related disputes, will run from April 23, 2026, to May 30, 2026.
INEC further stated that campaigns for the presidential and National Assembly elections will begin on August 19, 2026, while those for governorship and state assembly elections will commence on September 9, 2026
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Gbajabiamila Endorses Hamzat, Says Lagos Is in Safe Hands
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The Chief of Staff to President Bola Ahmed Tinubu, Femi Gbajabiamila, has assured Lagos State Deputy Governor, Kadri Obafemi Hamzat, of his support in securing the All Progressives Congress (APC) governorship ticket ahead of the 2027 election.
Gbajabiamila, a former Speaker of the House of Representatives, gave the assurance on Sunday, describing Hamzat as competent and well-suited to lead Lagos State.
He stated that the state would be in safe hands under Hamzat’s leadership.
Hamzat had visited Gbajabiamila at his Surulere residence in Lagos as part of consultations with party stakeholders over his governorship ambition.
Responding, Gbajabiamila commended Hamzat’s capacity and approach, expressing confidence in his ability to govern the state effectively.
“Dr Hamzat, you are a man of honour, and it shows in your approach to consultations. But I say this publicly—you can take my support for granted because I have full confidence in your ability and capacity. My constituency, Surulere, is for you, and Lagos is for you,” he said.
In his remarks, Musiliu Obanikoro, a member of the Governor’s Advisory Council (GAC), briefed the host on the extent of consultations carried out so far.
“I can confidently inform the Chief of Staff that the level of endorsement has been overwhelming,” he said.
Other members of the delegation included the Secretary of the GAC, Alhaji Muti Are, Senator Ganiyu Olanrewaju Solomon, Hon. Bode Oyedele, Engineer Adekunle Olayinka, Dr. Hakeem Shittu, Hon. Saheed Kekereekun, Dr. Jebe, and Hon. Rasaq Ajala, among others.
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KOGI STATE STRENGTHENS CHINA PARTNERSHIP FOR AGRO-INDUSTRIAL DEVELOPMENT AND SAPZ IMPLEMENTATION
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Kogi State has taken a significant step in advancing its international partnerships aimed at accelerating the implementation of its Special Agro-Industrial Processing Zone (SAPZ) programme.
The SAPZ initiative is a strategic agro-industrial platform designed to boost food production, enhance processing capacity, create employment opportunities, attract private sector investment, and position Kogi State as a leading agricultural and industrial hub in Nigeria.
Central to the engagement is the development of a modern agricultural science and technology industrial park in Kogi State. The project aligns with the broader SAPZ framework and is expected to drive agro-processing, facilitate agricultural technology transfer, support equipment deployment, promote enterprise incubation, strengthen logistics and cold chain systems, enhance export infrastructure, and provide sustainable power solutions.
The Kogi SAPZ structure comprises the Ajaokuta Agro-Industrial Hub, alongside Agricultural Transformation Centres in Anyigba, Alape, and Osara, as well as the Zariagi Agro-Air Hub. The programme is designed to integrate existing farmer clusters with an additional 150,000 hectares of farmland per zone, creating opportunities for large-scale, tenant-driven agricultural production.
Priority value chains under the SAPZ include rice, maize, cassava, livestock and poultry, sesame, cashew, oil palm, and greenhouse farming. The programme also incorporates critical support systems such as warehousing, cold chain logistics, power solutions, compressed natural gas (CNG), agricultural technology, equipment deployment, and agro-export infrastructure.
As part of this effort, Kogi State entered into a strategic cooperation agreement with Hezheng Holdings Group and Hezheng Digital Technology (Hezheng Innovation Valley) Co., Ltd. The agreement marks a transition from conceptual planning to implementation and reflects the State’s deliberate strategy to attract credible technical partners, industrial park operators, investors, and global business platforms into the SAPZ ecosystem.
The Kogi State delegation was led by Alhaji Yakubu Okala, FCA, Auditor General of Kogi State and Project Investment Adviser, who represented His Excellency, the Executive Governor of Kogi State. Other members of the delegation included the Honourable Commissioner for Agriculture, Hon. Ojomah Timothy; Technical Adviser to the Governor’s Office, Dr. Abdullahi Ozomata; Chief Economic Adviser to the State, Alhaji Aliyu Inda Salami; and Project Consultant/Managing Director of Pulse Engineering and Consulting Limited, Mr. David Lekan Obatolu.
During the visit, the delegation toured key Hezheng facilities, including its investment promotion centre, agricultural industry exhibition hall, global launch hall, and live-streaming incubation base. The tour provided valuable insights into Hezheng’s industrial park management model, enterprise support systems, agricultural technology integration, and cross-border market development strategies.
Deliberations between both parties focused on actionable implementation areas such as industrial park development, technology transfer, processing infrastructure, enterprise incubation, park management systems, investment mobilisation, and equipment deployment. Discussions also explored frameworks for establishing a structured and sustainable China–Kogi industrial cooperation platform.
Both sides expressed strong alignment on the project vision and implementation roadmap. In the coming months, technical and commercial workstreams will be advanced towards full project mobilisation, including preparatory activities for groundbreaking and the establishment of coordination offices in China, Kogi State, and Abuja.
This engagement underscores the commitment of the Kogi State Government to transitioning the SAPZ programme from planning to execution, while positioning the State as a competitive destination for agro-industrial investment.
Kogi State remains resolute in its vision to build a bankable and investment-ready agro-industrial ecosystem that will enhance food security, promote value addition, create jobs, strengthen farmer-market linkages, support export growth, and unlock new economic opportunities for its people.
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