Why we couldn’t audit Abacha’s loot — World Bank

…Says it was put into budgets under Obasanjo

The World Bank says it played a limited role in the spending of loots recovered from Sani Abacha, Nigeria’s military head of state from 1993 to 1998.

The bank stated that it could not comprehensively audit how it was spent, due to the structure of the programme adopted by the government at the time.

In a letter to Socio-Economic Rights and Accoundtability Project (SERAP), the World Bank said the recovered loots were channelled into Nigeria’s budget in line with Olusegun Obasanjo’s   National Economic Empowerment and Development Strategy (NEEDS).

“The funds were returned directly from Switzerland to the Nigerian Government adding that it is committed to helping Nigeria account for the spending of the loots,” World Bank said.

“They were programmed into the national budget and utilized by the Nigerian Government in line with its National Economic Empowerment and Development Strategy (NEEDS).”

The Bretton Wood institution adds that the structure of the programme did not allow for the comprehensive audits like the bank would normally do with its own funded projects.

“As agreed with the Nigerian and Swiss governments, the Bank’s role was limited to carrying out an ex-post analysis on their use with a particular focus on their contribution to the NEEDS.

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