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N4trn stolen in arms deal under Jonathan, says Osinbajo

03 May 2016, 13:15

Abuja - Around $15 billion (about N4.8 trillion) which is equal to about half the country’s foreign currency reserves was stolen from Nigeria’s public treasury under the previous government of Goodluck Jonathan through fraudulent arms procurement deals, the Vice President, Yemi Osinbajo said on Monday.

Africa’s top oil exporter is going through its worst economic crisis in decades due to the drop in global crude prices and ministers say these problems have been exacerbated by the impact of fraud under previous administrations.

Also read: Jonathan evades arms scandal probing

President Muhammadu Buhari, who last year won election fought on his vow to crackdown on corruption, has said the theft of “mind boggling” sums of oil money meant state coffers were virtually empty in Africa’s biggest economy when he took office last May.

Corruption charges have been levelled against former military chiefs and companies accused of involvement in an alleged arms procurement fraud during the tenure of Buhari’s predecessor Goodluck Jonathan.

Osinbajo said the amount “is more than half of the current foreign reserves of the country”, currently at about $27 billion.

Source: Premium Times

- News 24


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