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FG secures $12m US fund to boost transparency in public finance management

FG secures $12m US fund to boost transparency in public finance management

…As U.S, Nigeria collaborate to repatriate stolen funds

The Federal Government of Nigeria said it has secured a significant $12 million commitment from the United States to enhance transparency in the management of public finances.

During a the Ministerial Sectoral briefing in Abuja on Tuesday, Yusuf Tuggar, the Minister of Foreign Affairs, disclosed this while outlining the challenges and achievements of President Bola Tinubu’s administration in one year.

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“As an outcome of the U.S.-Nigeria, the U.S. committed to contributing at least $12 million to Nigerian efforts to increase the transparency of public monetary management and civil society efforts to increase government transparency”, he stated.

Tuggar also revealed that the U.S. has agreed to repatriate stolen Nigerian funds, which will be reinvested in Nigeria’s public sector through the African Development Bank (AFDB).

“Repatriation of stolen Nigerian funds from the US to be utilised for investment in Nigeria’s public sector to be received through the AFDB”, he mentioned.

Highlighting some of the achievements of this administration, the Minister
further mentioned that Nigeria has established a Joint Business Council with Qatar to facilitate trade partnerships, investment opportunities, and economic growth.

Notable among the achievements are a €250 million investment from the Netherlands, $14 billion in investment commitments from Indian investors across various sectors, and a $2 billion investment with Germany for the Nigeria-Siemens Power Project.

Other significant agreements as highlighted by Tuggar included a $500 million memorandum of understanding (MOU) for exporting Liquefied natural gas (LNG) to Germany and multiple MOUs with France worth $600 million to promote digital technology and creative industries.

He also noted that the ministry has engaged over 300 stakeholders within and outside the country to create opportunities for Nigeria’s youth.

“This included an MOU with India’s Lab Four to provide 50,000 full-time business process outsourcing (BPO) jobs to Nigerians over the next three years.

“Agreements have also been signed with Qatar regarding the employment of Nigerian workers, and with the U.S. to prioritize the movement of people under the bilateral extradition treaty”, Tuggar stated.

He further disclosed that discussions with the European Union (EU) are ongoing to address the return, readmission, and reintegration of Nigerians who do not fulfill entry conditions.

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The Minister also emphasized that the administration has also made strides in diaspora engagement, implementing the National Diaspora Policy and registering over 10,890 Nigerians in the diaspora database.

“There have been engagements with over 300 diaspora professionals, and efforts have been made to repatriate Nigerians detained in Addis Ababa, Ethiopia.

“Consular services are being digitalized to improve service delivery, with a pilot launched at Nigeria’s High Commission in London”, Tuggar said.

On the democracy front, Tuggar noted that Nigeria has taken a leadership role within ECOWAS to promote peace and security in the region, stating that the country is committed to upholding democratic principles across Africa.

He emphasized that this administration’s commitment to democracy, regional stability, and the welfare of its citizens underscored its holistic approach to governance and international relations.