Says FG can save over $200b yearly by blocking loopholes in oil revenue
Human and Environmental Development Agenda (HEDA Resource Centre) has revealed that past administrations, between 1999 and 2022, stole public funds of about $825 billion and N1.7 trillion.
This was disclosed by Legal Officer, David Ogungbesan, recently, during a protest at the offices of Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices and Other Related Offences Commission (ICPC) in Lagos.
Ogungbesan said HEDA Resource Centre, on February 18, 2023, unveiled a research compilation, which contained numerous cases of corruption and probes that have not made it to the courts and have remained unresolved till date.
The compilation, he said, contained cases investigated by either the executive or legislative arms of government, noting that majority of the cases have not been addressed by EFCC or ICPC
He said: “We are here to call attention to these cases, so that they can investigate them and bring whoever is involved to justice. The amount involved is enormous. Over N 1.7 trillion! This amount cannot be ignored. Nigeria is in a situation where things are going backward. This money could help contribute towards economic development, and help the Nigerian people. This money could help the Federal Government in providing infrastructure and social amenities, and could go a long way.”
Also, HEDA noted that Federal Government could save over $200 billion yearly by blocking loopholes in oil revenue.
Disclosing this at an international conference on anti-corruption in Abuja with the theme, ‘Nigeria and the Fight against Corruption: Reviewing the Buhari Regime and Setting Agenda for the Tinubu Administration’, HEDA said funds recovered through stringent anti-corruption measures in the oil and gas sector will help Nigeria regain her floundering economic fortunes.
It added: “Nigeria is at a critical moment. People are passing through very difficult times. With a debt profile of N77 trillion, an extremely poor debt service ratio, the country is in a quagmire.”
The surest way to recovery is to decisively fight corruption. Recovery of stolen funds and an end to graft in the oil sector will see Nigeria witness upsurge in revenue to meet the needs of citizens.”
