The Nigerian government has announced that the $52.88 million recovered from former Petroleum Resources Minister Diezani Allison- Madueke would be used to finance rural electrification programs around the country.
The World Bank would oversee the use of the funds for the rural electrification initiative on behalf of the nation.
Attorney General of the Federation and Minister of Justice, AGF, Prince Lateef Fagbemi, SAN, revealed that the recovered funds would be used in part to support “the Rule of Law and Counter-Terrorism Project” through the International Institute for Justice, IIJ.
At the signing of a Memorandum of Understanding with the United States for the release of the loot, Fagbemi stated that channeling the funds to electrical projects will boost the dependability and availability of renewable energy in Nigeria.
Fagbemi signed the MoU on behalf of the Federal Government on Friday in Abuja, while Mr Richard M. Mills Jr., American Ambassador to Nigeria, signed on behalf of his nation.
In an address at the occasion, Fagbemi stated, “As agreed, USD 50 million of the repatriated funds will be used by the World Bank to partially fund the Rural Electrification Project to increase the reliability and availability of renewable energy in Nigeria.”
