The Speaker of the House of Representatives, Yakubu Dogara, has constituted an ad hoc panel chaired by Abdulmumin Jibril (APC, Kano) to investigate the recovery and disbursement of ‘Abacha loot’ from 1998 till date.
Dogara said yesterday that the panel is expected to dig out all recoveries and mode of payments, as well as how the money was disbursed.
This was the outcome of last week’s resolution by the lawmakers, under matters of urgent public importance by Sunday Karimi (PDP, Kogi) on the urgent need to stop the Federal Government from disbursing the last tranche of ‘Abacha loot’ soon to be recovered from Switzerland.
The lawmakers had, while adopting the motion, said the sum of $322 million to be released to Nigeria by the Swiss Government should be paid into the Consolidated Revenue Fund of the federation and be distributed to the federating units using the current sharing formula.
They said the Executive arm should come up with a supplementary appropriation bill, earmarking the funds due to it from the ‘Abacha loot’ for the completion of the Ajaokuta Steel Company.