As the voluntary Asset Income Declaration Scheme draws to its conclusion, Minister of Justice, Abubakar Malami, says the Federal Government will begin repatriating assets and monies unidentified in foreign countries.
According to Malami, a pilot test of the Voluntary Asset Repatriation #Scheme (VARS) will be done in Switzerland.
During a meeting at the Nigerian embassy in the Swis town of Bern, Malami said consultants and experts would be hired to help track elusive funds in ongoing investigations, in collaboration with the Swis government. In 2015, Nigeria successfully concluded the repatriation of $322 million from the said country.
Malami said the funds would be applied to closely-monitored projects. The ventures will be observed by the World Bank and Swis Civil Society Organisations.
Accordding to theChairman of the Federal Inland Revenue Service (FIRS), Babatunde Fowler, Nigeria had recovered N30 billion from VAIDS.
He said the country has also increased its tax base from 14 million to 19 million. The success of the foreign arm of the scheme will hopefully track those pieces of asset that have slipped passed the VAIDS programme into international waters.