The officials of the World Bank, who met with President Muhammadu Buhari on April 27, have listed conditions for repartriation of the stolen funds.
One of the conditions given by the Swiss authorities is that it should be expended on the implementation of social programmes for the benefit of the Nigerian people in an efficient and accountable way, secured by the monitoring of the World Bank.
The Nigerian president also assured gave the assurance that his government will honour all agreements with the bank that will assist to impact Nigeria’s economy and cut the level of poverty in the country.
Buhari stated that Nigeria will welcome greater international help for the rehabilitation of damaged homes, schools, health facilities and other infrastructure in the North Eastern states affected by the Boko Haram insurgency.
The World Bank managing director Ms. Indrawati told the president that the World Bank was ready to use its knowledge, expertise and resources to help Nigeria achieve faster growth and development.
‘‘We will strongly support you to create jobs and ensure prosperity in Nigeria,’’ she said.
On his own part, President Buhari advised the World Bank to do all within its powers to ease the speedy repatriation to Nigeria of stolen funds still being held by Swiss authorities.
Buhari stated that the repatriation of the additional $320 million US dollars in Switzerland, which has been known as lawfully taken from Nigeria under the Abacha government, will help to ease the current economic hardship facing Nigeria.
He said: ‘
‘We need the support of the World Bank for the repatriation of the funds.
“We are as concerned as the World Bank about accountability. If such repatriated funds have been misapplied in the past, I assure you that the same will not happen with us.
“Three hundred and twenty million dollars is a lot of money and we will not allow it to be misappropriated or diverted.”
President Buhari during his Middle-East tour signed agreements with the United Arab Emirate on repatriation of stolen funds and extradition of culpable officials.
The UAE is a Mecca for Nigeria’s wealthy who are drawn by the expensive high rise properties, glitzy malls and ritzy hotels in the oil-rich country.