Economy

Abacha $350m loot: TUC disagrees with FG’s sharing option

by JOSHUA BASSEY

July 12, 2018 | 5:09 pm
  |     |     |   Start Conversation

Organised labour under the auspices of Trade Union Congress of Nigeria (TUC) has disagreed with Federal Government’s decision to share $350 million Abacha loot; saying it is another way of “re-looting” the recovered funds.

The Labour union says rather than share the money, the Federal Government should tie it to projects that will add to strengthen the economy and create opportunity to the majority of the citizens.

The Federal Government plans to share recovered $350 million (an equivalent of N115 billion) being funds stashed away in Switzerland by late Head of State, Sani Abacha, while alive, to an estimated 300,000 households, with each getting around $14 (around N5, 000).

“For us, this is unacceptable and can be termed another avenue to re-loot the loot. The recovered loot has to be tied to projects,” said Bobboi Kaigama,  the TUC president on Thursday.

The union noted that in a country where most of the citizens lacked everything that makes life comfortable and worth-living, it was naïve to share cash as against putting such funds into developing infrastructure such as roads, modern rail system, hospitals and power that would be of benefit to the majority.

“Our education has collapsed. The technical schools have gone into extinction likewise science and technology: These are critical areas that require adequate funding. Therefore, we say no to sharing. Government must tie the money to projects. This remains the only way it would have a significant impact on poverty alleviation and overall development of the country,” the union stated.

Arguing further the TUC said: “We have an estimated population of 200 million and government wants to share $350 million: What is the formula for sharing?: By geographical zones?, Through state governors or by individual families? This government must learn to hear. Our population and landmass should be an advantage. Unfortunately there hadn’t been creative thinking on the part of the leadership. We expect the authorities to do the right thing and stop creating wrong impressions. Repatriated funds should be transparently and accountably spent, the union posited.

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by JOSHUA BASSEY

July 12, 2018 | 5:09 pm
  |     |     |   Start Conversation

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