Looted funds: Buhari signs agreement with Switzerland

President Muhammadu Buhari has signed the instrument of ratification of a Memorandum of Understanding among Nigeria, Switzerland and the International Development Association that will lead to the repatriation of illegally-acquired assets to Nigeria. The Special Adviser to the President on Media and Publicity, Mr. Femi Adesina, disclosed this in a statement made available to journalists.

According to Adesina, the MoU will ensure the return, monitoring and management of illegally-acquired assets confiscated by Switzerland and to be returned to Nigeria. The presidential spokesman said the signing of the agreement would boost the current administration’s anti-corruption drive and also provide additional funds for the development of the nation’s critical infrastructure.

He said the President also signed the instrument of ratification of the agreement between Nigeria and Singapore for the avoidance of double taxation. Adesina said the President signed he two instruments following earlier approval by the Federal Executive Council.

The statement read, “Following the approval of the Federal Executive Council, President Muhammadu Buhari Monday signed two instruments namely: the Instrument of Ratification of the Agreement between the Government of the Federal Republic of Nigeria and the Government of the Republic of Singapore for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and Capital Gains.

“The other was the Instrument of Ratification of the Memorandum of Understanding among the Government of the Federal Republic of Nigeria; the Swiss Federal Council and the International Development Association on the Return, Monitoring and Management of Illegally-Acquired Assets Confiscated by Switzerland and to be Restituted to the Federal Republic of Nigeria.

“With the execution of these instruments, Nigeria’s trade relations with Singapore and income therefrom are expected to rise, while the return of illegal assets will not only boost the administration’s anti-corruption drive, but also provide additional funds for critical infrastructure.”