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Nigeria says $6.8 billion state funds stolen

Nigeria says $6.8 billion state funds stolen

Nigeria

The Nigerian government has announced that state funds worth over 6 billion US dollars was stolen by people from the previous regime.

According to the country’s information minister Lai Mohammed, state governors, ministers, public officials and several others are part of over 40 people purported to have squandered public funds between 2006 and 2013.

The funds, estimated to be 6.8 billion US dollars, are said to be more than a quarter of the country’s 2015/2016 budget.

We have some documents where Nigerian crude oil was looted illegally and the proceeds were put into some personal accounts instead of the federal government accounts

15 former governors are among those accused of looting state funds. Others include four former ministers, 12 former public servants, eight people in the banking sector and 11 businessmen.

Mohammed called on Nigerians to support the government in the fight against corruption that has hampered the West African nation’s growth.

The current regime led by President Muhammadu Buhari came into office mid last year to lead Africa’s biggest economy on an anti-corruption ticket.

Since taking office, Buhari has been on a mission to restore the country’s reputation especially in Nigeria’s nascent oil sector that continues to be plagued with graft.

Earlier this month, Buhari said that documents detailing proceeds from past crude oil sales diverted to personal accounts were now with the authorities.

“We have some documents where Nigerian crude oil was looted illegally and the proceeds were put into some personal accounts instead of the federal government accounts,” Buhari said to journalists.

Meanwhile, the country’s main opposition party has accused Buhari of carrying out a fishing expedition on the previous regime.

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