Sunday, November 25, 2012

5 Trillion Naira Stolen Under President Goodluck Jonathan’s Administration.

5 Trillion Naira Stolen Under President Goodluck Jonathan’s Administration. This is the report from a recent investigation, the results revealed that the Goodluck Jonathan administration which assumed office in 2011 still has a long way to go in its fight against corruption. Over N5 trillion in government funds have been stolen through fraud, embezzlement and theft since President Jonathan assumed office on May 6, 2010.
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This amount is the summation of government funds said to have been stolen, according to the Nuhu Ribadu-led Petroleum Task Force report; the Minister of Trade and Investment’s report on stolen crude; the House of Representatives fuel subsidy report and investigations into the ecological fund, SIM card registration and frequency band spectrum sale.
The investigation revealed the fraudulent activities carried out on a large scale in some ministries. The Ribadu report on the oil and gas sector for instance, put daily crude oil theft at a high 250,000 barrels daily at a cost of $6.3bn (N1.2trn) a year. This puts the total amount lost through oil theft in the two years of Jonathan’s government at over $12.6bn (N2trn).
Another fraud scheme was discovered in July 2012 when the House of Representatives Committee on Environment discovered a tree seedling fraud worth N2bn awarded by the Ecological Fund office.
The whole report is very long, but the short version is, 5 Trillion naira, not million, not billion, trillion.
God help Nigeria!

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