Nigeria lost about $15B to fraudulent and corrupt practices in the security equipment spending during the last administration.
Nigeria’s Vice-President Yemi Osinbajo said the fraud was mostly in the procurement of security equipment, the vice-president said in a speech on Monday.
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.”, Osinbajo said.
There are several investigations under way into corruption in the purchasing of arms during the last government.
The Vice President, was speaking during a book launch called The Challenges of Growth and Development
He said there is hope that the implementation of the 2016 budget would commence soon.
“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,” according to the Vice President.
The Vice President spoke at the book presentation of the Ibadan-based elite group, House of Lords.
The group just published an in-depth analysis by different experts titled “Nigeria: The Challenges of Growth and Development, ” at the University of Ibadan.
Osinbajo observed that the Buhari presidency has kept on a sustained fight against corruption.
The Vice President said the country simply cannot sustain the shocking level of public sector corruption in particular.
Said he: “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.”
Continuing, he disclosed that “it was discovered a few days ago that the total amount of money lost just to corruption in part of…and provision of security equipments in the military is closer to 15 billion US dollars.”
While the nation’s foreign reserves is now about $27B, Prof Osinbajo, drove home the stark significance of such corruption.
He noted that the $15 billion figure “is more than half of the current foreign reserves of the country.”
He addressed an audience made up of top Nigerian elites drawn from academics, business and the professions.
He told them that what the Buhari presidency is “trying to do is to ensure that there are consequences for corruption.
“And we try to send a message that anyone who is found to have been corrupt would not only dislodge the property they have stolen but will also pay for it in terms of the sanctions of the law.”
He said: “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.”
Throwing a challenge to the generality of the Nigerian elite, Prof Osinbajo said “the limits of the growth and development of most nations largely depend on the strength of the value-driven influence of their elite.