President Muhammadu Buhari

President Muhammadu Buhari on Monday signed a Memorandum of Understanding (MoU) with Swiss government and International Development Association on the Return, Monitoring and Management of Illegally-Acquired Assets Confiscated by Switzerland.

Recall that Switzerland has been warehousing monies looted from Nigeria’s coffers by public officials. The country last week froze the accounts of certain persons linked with the Shell/Eni bribery scam which case is being heard in Italy. The case reopens in May in an Italian court.

The President also signed the Instrument of Ratification of the Agreement between the Nigeria and Singapore for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and Capital Gains.

Mr Femi Adesina, the President’s Special Adviser on Media and Publicity, who made this known in a statement in Abuja on Monday, said the signing of the instruments followed the approval of the Federal Executive Council (FEC).

“The first one is 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 (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.

“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,’’ Adesina said.