15 November 2018
Africa Nigeria World News

Nigeria’s Stolen State Oil Funds?

The embezzlement was in millions and billions; now they steal in trillions!
The N2.6tr or N1.7tr stolen through fuel subsidy fraud is more than the whole of our annual national budgets a few years ago!
Our oil revenue alone, based on daily output and world price, for years back, is between N10tr and N12tr (confirmed by past Minister of Finance, Okonjo-Iweala). If you add revenues from customs and taxes, we may arrive at the total national income/revenue of more than N20tr in 2012 alone. Yet our national budget is a mere paltry N4.6tr. some years back. What happens to the excess amount of about N15.4tr?
Without the fuel subsidy money, what is the purpose of those billions already earmarked for all those services and infrastructure in the national budget?

International oil prices are high and stable. The states are sharing excess crude oil funding monthly yet our foreign reserve is depleting. And this is while our foreign debt is soaring alarmingly.
What foreign loans are taken and for what purpose? What is the rationale in the midst of excess crude oil funds? Why borrow when you will not be the one to repay? Why leave extra liability burden for future generations to bear?
Are we not in trouble now? Oh, God please help!

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Justy Oteri

Justy Oteri

Contact Justy at justyoteri@gmail.com.

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