Federal government has released $311 million Abacha loot to  Nigeria Sovereign Investment Authority (NSIA) to fund its activities.

Managing Director of NSIA, Mr Uche Orji, made this disclosure at a virtual meeting with the press to discuss the authority’s 2019 financial statement.

According to  Orji, “federal government has transmitted the $311 million Abacha loot to NSIA. This was facilitated by the legal counsel of the NSIA.”

He stated that the money is domiciled in cash with Central Bank of Nigeria in a special account.”

Orji said NSIA “hopes to start using the money in the third quarter of the 2020” on some critical infrastructure projects like Second Niger Bridge, Lagos-Ibadan Expressway, among others.

The NSIA boss, who was happy at the release of the Abacha loot to NSIA, said the money would go a long way in funding some of its projects more, as the release of the money had now ensured that NSIA would not go to the market to raise as much money as it had earlier wanted to raise.

The Nation