Stolen funds: Nigeria urges U.S. to repatriate more illicit funds
The Federal Government has appealed to the United States of America to repatriate more illicit funds transferred from Nigerian officials through its banking system.
The Minister of Foreign Affairs, Yusuf Tuggar, appealed in his remarks at the 6th Session of the Nigeria-US Bi-National Commission in Abuja on Monday.
Speaking at the event, Ambassador Tuggar, represented by the Permanent Secretary, Ministry of Foreign Affairs, Adamu Lamuwa emphasised the need for increased support from the U.S., citing $308 million as insufficient compared to Nigeria’s losses from illegal fund transfers over the years.
He reiterated the Nigerian government’s commitment to utilising these funds for the collective benefit of its citizens, in line with agreements with development partners.
specifically, the funds would be allocated to infrastructure development, focusing on projects such as roads, schools, education, and other vital sectors requiring substantial investment.
The Perm. Sec. said, “I would like to appreciate the fallout of the Democratic National Convention held in February 2020 in Washington, DC. The governments of Nigeria, the United States, and Jersey signed a tripartite agreement to return to Nigeria the sum of over $308 million of funds stolen from the country.
“I would also urge the U.S. to do more because $308 million is a meagre amount when you look at the resources that Nigeria has lost over the years due to illegal transfers of funds from the country.
“The Nigerian government has committed to using these funds for the benefit of all Nigerians, as agreed with development partners. These funds are aimed at developing infrastructure, particularly projects in roads, schools, education, and other sectors of the economy that require this substantial return.”
Lamuwa emphasised that the theme for this year, “Partnership for Mutual Benefit and Development,” held particular relevance and timeliness given the pressing need for such collaboration, adding that as two major democracies, bolstering ties between these nations holds promise for an even more robust partnership, fostering peace, prosperity, and advancement not only in Africa but globally.
During her remarks, the Assistant Secretary for African Affairs, Molly Phee, highlighted the pivotal role of security cooperation in the Nigeria-U.S. partnership.
