According to a statement made by Attorney General and Minister of Justice, Abubakar Malami, the debts owed to the country stood at a staggering N75 billion, local newspaper Punch reported.
During his address to the House of Representative Committee on Justice, Malami disclosed plans to repatriate assets in foreign jurisdictions as well as seek the counsel of foreign-based entities to work on behalf of the Nigerian government on such matters.
In addition, Malami stated that the Nigerian government would also be seeking the recovery of an alleged £6.9m in looted funds from former Delta state governor, James Ibori.
Read Also : Switzerland refunds $300 Million Abacha loot
According to Vanguard, over $700 million in looted funds have been recovered from Abacha's offshore accounts thus far, with Switzerland agreeing to deliver a further $300 million.
The development marks the latest in a string of discoveries regarding government funds having been looted by former government officials, with the Premium Times reporting that at least $200 billion is believed to be stashed in banks and properties in Dubai and Abu Dhabi.
Nigerian President Muhammadu Buhari has since signed an agreement with the United Arab Emirates (UAE) to repatriate the stolen funds and extradite culpable officials involved in corrupt dealings.
