Nigeria Lost $15B To Arm Fraud Under GEJ, Money Stolen More Than Half Of $27B Foreign Reserves
May 4, 2016 – Nigeria Lost 15 Billion Dollars To Arm Fraud Under GEJ, Money Looted Under Jonathan More Than Half Of Foreign Reserves Sitting @ $27B – Osinbajo
VP Yemi Osinbajo said yesterday that Nigeria lost about $15 billion to fraud in security equipment spending during the Dr. Goodluck Jonathan administration.
He assured that the government would generate 7,000 megawatts of electricity in the next 18 months.
Osinabjo spoke at the book presentation of the Ibadan-based elite group, House of Lords, which published an indepth analysis by experts titled: “Nigeria: The challenges of Growth and Development, “ at the University of Ibadan (UI).
Noting that the Buhari presidency has kept on a sustained fight against corruption, Osinbajo said the country simply cannot sustain the shocking level of public sector corruption in particular.
Osinbajo, in a statement by his Senior Special Assistant on Media and Publicity, Laolu Akande, said:
“When you look at the sheer amount of money that have 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 part of…and provision of security equipment in the military is closer to 15 billion US dollars.”
While the nation’s foreign reserves are now around about $27b, Osinbajo noted that the $15 billion “is more than half of the current foreign reserves of the country”