Nigeria earns N98 trn from oil since 1958 — Vanguard investigation

By Clifford Ndujihe & Dapo Akinrefon LAGOS —


FROM the lips of some experts and eminent Nigerians, yesterday, it was hard knocks for the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, SAN, over his comments that the Economic and Financial Crimes Commission, EFCC, had recovered more than $2 trillion, about N400 trillion, looted from the national treasury in the last 12 years.

Apart from picking holes in the figures, those who spoke to Vanguard said it was sad no one was in jail for looting the national patrimony.

Indeed, Vanguard’s investigations show that since Nigeria started generating revenue from crude oil in 1958, the country has earned about N98.293 trillion.

And since oil, over the years, has accounted for about 80 per cent of the country’s federal revenue and most of the states depend on federal allocation for survival, the total revenues generated from oil and non-oil sources since independence in 1960 is estimated to be about N140 trillion.

Between 1958 and 2007 (CBN Annual Report and Statement of Account, 2008), Nigeria earned N29.8 trillion from petroleum resources. And between 2008 and 2011, the country generated N20.895 trillion. For the period 2012 to July 2015, the figure stood at N47.542 trillion.

Among those, who spoke on the issue, yesterday, were Professor of Political Economy and Management Expert, Professor Pat Utomi; National Publicity Secretary of the pan-Yoruba socio-political organisation, Afenifere, Mr Yinka Odumakin; and Lagos State Publicity Secretary of the All Progressives Congress, APC, Mr Joe Igbokwe.

There must be penalties —Utomi

Faulting the figures, Professor Utomi, however, said that there has to be consequences for those the funds were recovered from, to deter future looters.

Utomi said: “I don’t know what to say. If so much money has been recovered, who are the people they recovered it from and why are they not in jail? If you don’t jail them, then you are encouraging people to steal more because they know that the worst that can happen is that you can take some of it from them without any penalty. There must be penalties to deter future actions.”

It’s a futile exercise —Odumakin

On his part, Odumakin said: “if they recovered $2 trillion in 12 years, from who and whom? Where is the money? The EFCC has been enmeshed in controversy lately over the state of the recovered funds. The former EFCC boss is still being investigated over alleged re-looting of the loot. So, if that is where we are, then, it is a waste of time really and it is a futile exercise.’’

http://www.vanguardngr.com/2016/02/knocks-trail-agfs-2trn-loot-claim/

oga op...organise wetin u post fine abeg

d attoney general must be high on gbenge weeds. does he know wat $2 trillion (half of japan's gdp) means no so dis diariah of d mouth patients go just dey dish out highly exagerated numbers to score cheap political points.