The Federal Government has secured a $12 million commitment from the United States (U.S.) to enhance transparency in the management of public finances.
During the Ministerial Sectoral briefing in Abuja, yesterday, the Minister of Foreign Affairs, Yusuf Tuggar, disclosed: “As an outcome of the U.S.-Nigeria meeting, the U.S. committed to contributing at least $12 million to Nigeria’s efforts to increase the transparency of public monetary management and civil society efforts to increase government transparency.”
Tuggar, while outlining the challenges and achievements of President Bola Tinubu’s administration in one year, also revealed that the U.S. agreed to repatriate stolen Nigerian funds, to be reinvested in the public sector through the African Development Bank (AfDB).
Highlighting the achievements of the present administration, the minister further mentioned that Nigeria 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.
On the democratic 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.
