President Muhammadu Buhari on Monday signed the instrument of ratification of a Memorandum of Understanding among Nigeria, Switzerland and the International Development Association (IDA) that will lead to the repatriation of illegally-acquired assets to Nigeria.
The President’s Special Adviser on Media and Publicity, Mr. Femi Adesina, who disclosed this in a statement, indicated the MoU would ensure the return, monitoring and management of illegally-acquired assets confiscated by Switzerland and to be returned to Nigeria.
Adesina stated that 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.
This is even as he also hinted that the President also signed the instrument of ratification of the agreement between Nigeria and Singapore for the avoidance of double taxation.
According to him, the President signed the two instruments following earlier approval by the Federal Executive Council.
He clarified: “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”, Adesina stated.