Buhari signs Agreement with Switzerland to secure Return of Illegally Acquired Assets

President Muhammadu Buhari has signed a Memorandum of Understanding with Switzerland to secure the release of illegally acquired assets back into the country, Punch reports.

Femi Adesina, special adviser to the president on media and publicity, made this known in a press release on Monday.

An agreement with Singapore was also signed to avoid double taxation and tax evasion, Adesina said.

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.