Nigeria Lost N4.8 trillion To Corrupt And Fraudulent Practices

Nigeria’s Vice President Yemi Osinbajo, yesterday, during the book presentation by the Ibadan-based elite group, House of Lords, which just published in-depth analyses of issues by different experts entitled “Nigeria: The Challenges of Growth and Development” at the University of Ibadan, said Nigeria lost about N4.8 trillion  ($15 billion) to fraudulent and corrupt practices in security equipment spending during the last administration of President Goodluck Jonathan.

“When you look at the sheer amount of money that has been embezzled, the sheer amount of money lost from any of these various cases of corruption, you will find that far too much has been lost. It was discovered a few days ago that the total amount of money lost just to corruption in the provision of security equipment in the military is closer to $15 billion, which is more than half of the country’s current foreign reserves” said the vice president, in a statement  issued by his senior special assistant on media and publicity, Laolu Akande.

He also told top Nigerian elite drawn from academics and business, that the Buhari presidency is trying to guarantee that there are consequences for corruption.

He said: “We try to send a message that anyone who is found to have been corrupt would not only forfeit the property they have stolen, but will also pay for it in terms of the sanctions of the law.

“I believe strongly that it is important to send a message that no public officer can steal the resources of this country and expect to escape. I hope the message would be loud and clear and it will inform behaviour in the future.”

“By the grace of God in the next few days we will begin the implementation of one of the most ambitious budgets in our history; ambitious not just in its size, but more in its broad range of fiscal and other socio-economic policies,” the vice president added.