Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,151,126 members, 7,811,177 topics. Date: Sunday, 28 April 2024 at 05:15 AM

Jonathan's Govt Embezzled 5trillion In Five Yrs. - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / Jonathan's Govt Embezzled 5trillion In Five Yrs. (1035 Views)

Amaechi Embezzled N3trn As Governor – Rivers Govt / Buhari "Almost Moved To Tears"After Seeing How Trillions Of Naira Were Embezzled / Nigeria Earns N2.5trillion From Petroleum Products Export In 3 Months (2) (3) (4)

(1) (Reply) (Go Down)

Jonathan's Govt Embezzled 5trillion In Five Yrs. by jayonpoint(m): 8:50pm On Jan 03, 2015
Report from a recent investigation have revealed that the Goodluck Jonathan administration which assumed office in 2011 still has a long way to go in its fight against corruption. Over N5 trillion in government funds have been stolen through fraud, embezzlement and theft since President Jonathan assumed office on May 6, 2010, a Punch investigation has found.

This amount is the summation of government funds said to have been stolen, according to the Nuhu Ribadu-led Petroleum Task Force report; the Minister of Trade and Investment’s report on stolen crude; the House of Representatives fuel subsidy report and investigations into the ecological fund, SIM card registration and frequency band spectrum sale.

The investigation revealed the fraudulent activities carried out on a large scale in some ministries. The Ribadu report on the oil and gas sector for instance, put daily crude oil theft at a high 250,000 barrels daily at a cost of $6.3bn (N1.2trn) a year. This puts the total amount lost through oil theft in the two years of Jonathan’s government at over $12.6bn (N2trn).

Another fraud scheme was discovered in July 2012 when the House of Representatives Committee on Environment discovered a tree seedling fraud worth N2bn awarded by the Ecological Fund office.

Similarly, in the telecommunications sector, the 450MHz frequency, which was valued at over $50m, was allegedly sold for less than $6m (a difference of $44m or N6.9bn) by the Nigeria Communications Commission. In the same sector, the reps, earlier this year, commenced investigations into the N6.1bn SIM card registration project embarked upon by the NCC in 2011.

Reacting to the massive frauds that have greeted Jonathan’s tenure, Transparency International, in an email to Punch said that Nigeria would continue to slack in development as long as it keeps paying lip service to the fight against corruption.

“President Jonathan should insist that those accused of corruption are properly investigated and punished if found guilty, irrespective of their positions and connections. The judiciary must be seen as impartial and fair.

“To signal a break with the past, the government should set up an independent investigatory panel to review charges of corruption within government and the private sector. President Jonathan should endorse the panel and commit to ensure it has both the scope and the power to investigate and prosecute.

“This is not just a matter of justice; fighting corruption can affect the lives and livelihoods of millions of people. The current culture of corruption hurts the majority of Nigerians while the inequality gap widens.”

This report is coming just days after KPMG, a global audit and financial advisory firm, stated that Nigeria accounted for the highest number of fraud cases in Africa in the first half of 2012.

It is our hope that such reports like this would make the government take the fight against corruption more seriously.

1 Like

Re: Jonathan's Govt Embezzled 5trillion In Five Yrs. by Olukokosir(m): 8:52pm On Jan 03, 2015
jst to book space ... fit make front page news later
Re: Jonathan's Govt Embezzled 5trillion In Five Yrs. by ritababe(f): 8:57pm On Jan 03, 2015
You are causing a big party fight here.
Re: Jonathan's Govt Embezzled 5trillion In Five Yrs. by dguyindcorner(m): 8:58pm On Jan 03, 2015
sourceless?

1 Like

Re: Jonathan's Govt Embezzled 5trillion In Five Yrs. by Nobody: 9:00pm On Jan 03, 2015
dguyindcorner:
sourceless?
Did'nt you read the first paragrah source is Punch newpapers. I also read the article i'll try and find the link for you.
Re: Jonathan's Govt Embezzled 5trillion In Five Yrs. by olas24u(f): 9:03pm On Jan 03, 2015
Efcc chasing after small things

Re: Jonathan's Govt Embezzled 5trillion In Five Yrs. by Nobody: 9:03pm On Jan 03, 2015
That report covered 2006 to the time it was presented stop spreading lies.
Re: Jonathan's Govt Embezzled 5trillion In Five Yrs. by Taeewo(m): 9:10pm On Jan 03, 2015
.
Re: Jonathan's Govt Embezzled 5trillion In Five Yrs. by dguyindcorner(m): 9:24pm On Jan 03, 2015
corrupt president
Re: Jonathan's Govt Embezzled 5trillion In Five Yrs. by simdam500(m): 9:25pm On Jan 03, 2015
Taeewo: .
s_ban
Re: Jonathan's Govt Embezzled 5trillion In Five Yrs. by olas24u(f): 9:26pm On Jan 03, 2015
special candidate

Re: Jonathan's Govt Embezzled 5trillion In Five Yrs. by Sylvarresta(m): 9:37pm On Jan 03, 2015
Whaow that's commendable, remember stealing is not corruption
Re: Jonathan's Govt Embezzled 5trillion In Five Yrs. by Nobody: 9:47pm On Jan 03, 2015
One reason I hate Jonathan government
Re: Jonathan's Govt Embezzled 5trillion In Five Yrs. by dre11(m): 9:49pm On Jan 03, 2015
Stealing is not corruption
Embezzlement is just stealing



Therefore
Embezzlement is never corruption
QED

GEJ 2014
Re: Jonathan's Govt Embezzled 5trillion In Five Yrs. by Nobody: 9:51pm On Jan 03, 2015
dre11:
Stealing is not corruption
Embezzlement is just stealing



Therefore
Embezzlement is never corruption
QED

GEJ
Don't worry he's coming up with an anti-corruption plan. When Buhari puts him in Prison thats when he will figure it out lol
Re: Jonathan's Govt Embezzled 5trillion In Five Yrs. by dhabeautyjas(f): 10:01pm On Jan 03, 2015
may G*d save us in this country
Re: Jonathan's Govt Embezzled 5trillion In Five Yrs. by dre11(m): 10:15pm On Jan 03, 2015
seges:

Don't worry he's coming up with an anti-corruption plan. When Buhari puts him in Prison thats when he will figure it out lol

Don't worry
The man from otuke have made provision for refurbishment of the prison he is going to stay before GMB puts him theregringrin

1 Like

Re: Jonathan's Govt Embezzled 5trillion In Five Yrs. by GhaliNaaba(m): 7:42am On Jan 04, 2015
The most corrupt goverment in the world.
Re: Jonathan's Govt Embezzled 5trillion In Five Yrs. by olas24u(f): 11:20am On Jan 04, 2015
Returning To Another Debt Trap
WITHOUT batting an eyelid, President Goodluck Jonathan and his economic guru, Ngozi Okonjo-Iweala, have proposed to spend N943 billion on debt servicing in 2015. At 21.67 per cent of the total expenditure plan and with lower revenues already buffeting the economy, debt may once more hobble development and drain scarce resources. Nigeria urgently needs to apply the brakes on debts and deploy effective measures to turn the economy around for sustainable growth.
Despite its repeated claims to the contrary, it is apparent that the Jonathan government is driving the economy and the Nigerian state to the brink, not forward. This is apparent in the rising debt. We had warned in the past that we should avoid plunging headlong into another debt trap. The country carried a crippling debt overhang for three decades that we only exited in 2005/06 at a steep price. Then, we had to pay $12.4 billion to the Paris Club of international creditors to obtain an $18 billion write-off and throw off the yoke. The promise (which never fully materialised) was that savings of $1 billion-$2 billion hitherto spent on annual debt servicing obligations would thenceforth be used to fund critical areas, especially the United Nations Millennium Development Goals.
Alas, we have since been slowly, but surely, creating a new debt trap. The danger was initially domestic debts, which had been allowed to pile up. Soon, and especially since Jonathan mounted the saddle in 2010, we have been taking in external debts too.
To public concerns, public officials, from Okonjo-Iweala and other ministers, to the Director-General of the Debt Management Office, Abraham Nwankwo, the retort is that our debt-to-Gross Domestic Product ratio is still well within the international threshold. Often, we have also been told that the debts come with favourable terms, including moratoriums, low interest rates and long repayment periods. Indeed, the DMO continues to assert that our current debt profile is sustainable as it still falls below the 40-56 per cent-to-GDP allowed for an economy of Nigeria’s size. The National Debt Sustainability Analysis 2014 Report, arising from deliberations by the DMO in collaboration with other stakeholder agencies in debt management, recommended that maximum borrowing should not exceed $12.3 billion in 2015, made up of a $7.42 billion ceiling from external sources and $4.94 billion from domestic sources to correspond to the preferred ratio of 60 per cent for external, and 40 per cent domestic.
The DMO website shows that as of September 30, 2014, the total external debts of the Federal Government stood at $58.64 billion, made up of $49.12 billion or 83.7 per cent in domestic debts and $9.51 billion (federal and states) or 16.23 per cent in external debts. Significantly, stakeholders recommended that the government retain the current debt-to-GDP ratio peg of 25 per cent beyond 2015 and up to 2020.
We are not persuaded that the government is utilising debt judiciously as a tool for development. Successive governments have so badly managed resources only to resort to borrowing to meet consumption and feed the prevailing system of graft and patronage while piling up debts. It is wrong to justify borrowing using global thresholds knowing that we run an economy with an acute infrastructure deficit; one that is dependent on crude oil receipts for over 70 per cent of government revenues, where the rule of law is weak and one where excessive corruption derails all development programmes.
An annexure in the NDSA admitted “that a drastic and persistent fall in public assets, caused by a fall in revenue, would, in the long run, increase the risk of debt distress.” Unlike Nigeria, countries like Malaysia, South Africa, Brazil and South Korea have built up infrastructure, diversified and built export-oriented economies and can, therefore, sustain such high debt-to-GDP ratios.
Our wrong-headed choices have been bringing distress ever closer. With oil prices predicted to fall lower than the $65 per barrel on which the 2015 budget has been rashly anchored, more borrowing and future debt are assured. The N943 billion earmarked in a budget of N4.35 trillion for 2015 trumps the N712 billion set aside in 2014 and N591 billion in 2013 for the same purpose. The fact that only N633.53 billion is earmarked for capital projects in 2015 amply demonstrates the unfolding national tragedy.
Now that over 21 per cent of total budget spending will be used to service debts, our officials who talk down to critics of the borrowing binge should re-strategise. We should never forget that the external debts that ballooned to $35 billion by 2005 started with very modest borrowed sums. The $6.82 billion of total external debt stock owed to multilateral agencies, $1.18 billion to bilateral agencies and $1.5 billion on commercial debts as of September 30, may look small today, but will invariably rise when government revenues fall further and inevitable payment rescheduling will result in penalties and interest.
Nigeria is paying the price of relying solely on crude oil for its survival. But the situation can be salvaged. Government should open up the railways, solid minerals, and downstream petroleum, steel and ports sectors by a programme of liberalisation and complete privatisation of all state-owned commercial assets. This will free resources for critical sectors like health, education, environment, water supply and rural development while opening the way for massive private investment and reduce borrowing.
Above all, corruption must be tamed and the rule of law enthroned.
Copyright PUNCH.
Re: Jonathan's Govt Embezzled 5trillion In Five Yrs. by Nobody: 11:48am On Jan 04, 2015
Nigerians would not be that stupid to allow gej continue. Do you want to end up in austerity? That is what you get when you vote gej feb 14th.

#GMBValentinesDay2015 - ValentinesDay2023

(1) (Reply)

Buhari Visits Obasanjo (photos) / Breaking News: Reps Ask INEC To Use TVC For Polls / Buhari Bought Zero Military Equipment...infographic Fact.

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 32
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.