In 2020, the federal government recovered $308m looted by military dictator, Sani Abacha, and pledged it towards the construction of three key infrastructure projects – the Lagos-Ibadan Expressway, Abuja-Kano Expressway and the Second Niger bridge.
On Thursday, Fashola explained that the funds are not domiciled in the Ministry of Works.
Instead, the funds go into the sovereign wealth fund, managed by the Nigeria Sovereign Investment Authority, Fashola said.
“I can’t confirm whether the money is ready because it didn’t come to my ministry,” he said. “It was released to the Nigerian government through the Central bank and I believe on to the NSIA.
“So what happens simply is that the contractor does his work. Our staff, from the controller to the directors at the ministry, provide technical governance to make sure that the work is properly done, certified, and then we send the certificate that we validate to the NSIA.
“The NSIA also have their own technical consultants who crosscheck; and if they are satisfied, they pay.
“That is how we have done it in the past 18 months and these funds, when they come in, if they come in, will not change the governance process.
“And there are plans by the attorney-general to also expand the governance process and oversight for it. What we are concerned about is making money work for Nigerians.”