Nigeria Says  $15b Stolen
World Economy

Nigeria Says $15b Stolen

Nigerian Vice President Yemi Osinbajo said about $15 billion was lost by the previous administration to fraudulent security spending, almost three times more than was earlier estimated by the government, Bloomberg reported. Osinbajo, who along with President Muhammadu Buhari defeated Goodluck Jonathan in elections last year on an anti-corruption campaign, said the figure was only discovered a few days ago, dwarfing the previous estimate of  $5.5 billion allegedly misappropriated from contracts to buy defense equipment to fight the Islamist militant group Boko Haram. The amount “is more than half of the current foreign reserves of the country,” Osinbajo said in a statement on Tuesday. “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.” Nigeria’s political system has been dogged by graft since independence from Britain in 1960.


Short URL : http://goo.gl/70cE6N
  1. http://goo.gl/crqjgX
  • http://goo.gl/aHu3ca
  • http://goo.gl/QLUhGP
  • http://goo.gl/X1zkCH
  • http://goo.gl/pChZD2

You can also read ...

China and India continue to remain the most promising investment destinations in 2017.
Developing Asia is expected to witness a 15% increase in...
Thai CB Retains Key Rate
Thailand’s central bank on Wednesday left its key interest...
Brazil Raises Deficit Ceiling
Brazil is raising its deficit ceiling for this year and 2018...
Elon Musk, Kevin Plank, Bob Iger, Richard Trumka, Kenneth Carleton Frazier
The honeymoon is definitely over. When US President Donald...
Riksbank is under pressure to tighten its ultra-loose monetary policy.
Underlying inflation topped the Swedish central bank’s target...
At 310% GDP, China’s banking sector is above the advanced economy average and nearly three times  the emerging market average.
China's economy is looking good enough that the International...
US Household Debt at $12.8 Trillion
US household debt reached a new record in the second quarter,...
Crude oil accounts for 96% of exports and around half of state revenue.
Venezuela might look bad right now amid protests, scarce food...