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PMB Signs Mou With Switzerland On Return Of Looted Funds

Following the approval of the Federal Executive Council (FEC), President Muhammadu Buhari has signed two instruments.

This was disclosed by the special adviser media to the president, Femi Adesina.

Adesina said the Instrument of Ratification ofthe Memorandum of Understanding (MoU) 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.

He added that the other 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.

“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”,he added.

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