Nigeria is the 7th world’s largest producer of hydrocarbon, and accounts for a staggering N6.87 trillion of lost revenue as a result of illegal transfers overseas according to the AU. Nearly 70% of the total revenue that Africa is losing annually.

At the African Union Summit in Ethiopia Sunday, a report by the Thabo Mbeki High Level Panel on Illicit Financial Flows from Africa adopted by the African Union Heads of State said about $40.9billion (about N6.87trillion) of an estimated $60billion (about N10.08trillion) lost through such transfers from Africa are traced to Nigeria.

The AU also said the funds are stolen through corruption, tax evasion and illegal transfer of profits by multinationals.

Nigeria, produces an average of 2.3million barrels of oil daily and is the leading producer of hydrocarbon in Africa, and yet is being ravaged by poverty and underdevelopment.

The report also identified Egypt and Morocco as the other countries with the largest estimates of illicit financial flows statistics of $28.2billion and $20.3billion respectively.

Concerned by the high losses through these illegal transfers, as one of the threats to the inability of most resource-rich countries in Africa to meet their millennium development goals, MDGs, the AU at its 4th Joint African Union Commission/United Nations Economic Commission for Africa, AUC/ECA, Conference of African Ministers of Finance, Planning and Economic Development constituted the Mbeki Panel to review the underlying issues stalling Africa’s objectives.



http://www.nigerianfm.com/n6-87-trillion-stolen-yearly-from-nigeria-reports-african-union-au/

Hmmm. Makai just comment my reserve

All these shallow gists aren't the types I draw knowledge from.
Without the details of discovery, how can one be absolutely sure of these facts?

DesChyko:
All these shallow gists aren't the types I draw knowledge from.
Without the details of discovery, how can one be absolutely sure of these facts?

this is the African Union talking....wat other authentification do you need?

sucess001:


this is the African Union talking....wat other authentification do you need?

Details, dude! Details.
All these flippant tosses of figures isn't impressing anyone who takes accuracy serious.

DesChyko:


Details, dude! Details.
All these flippant tosses of figures isn't impressing anyone who takes accuracy serious.

google the story..its everywhere online...

sucess001:



google the story..its everywhere online...

It doesn't matter, I was annoyed seeing $41billion being bamboozled from NG annually, then $21 and $20 billion in Egypt and Morocco.

At the end I was disappointed that if this issue was of concern to the AU, there were no steps taken or being taken to prevent this in the future. In the end I begin to doubt many things..

Owh! Probably AU has become an appendage of APC, jonathanian with their usual lies and deceit. When different institutions the world over kept on uncovering unprecedented corruption of our gov't, their foolish supportets will always find a way to defend them.
Let us kick Mr Stealing not Corruption
#kickoutcluelessness

swtdrms:
Owh! Probably AU has become an appendage of APC, jonathanian with their usual lies and deceit. When different institutions the world over kept on uncovering unprecedented corruption of our gov't, their foolish supportets will always find a way to defend them.
Let us kick Mr Stealing not Corruption
#kickoutcluelessness

i tire ooo

NEW NATIONAL ANTHEM -
Arise O compatriots
Nigeria’s call obey
To mark our Valentine
With PVC and change
The labour of our Chibok girls
Shall never be in vain
To vote Buhari en masse
On May 29 in Aso Rock, Goodluck shall
handover
I pledge to vote for General Muhammad
Buhari
Because he is faithful, loyal and honest He will serve Nigeria with all his strength
He will defend her unity and uphold her
honour and glory
So let there be CHANGE

Datsme:
NEW NATIONAL ANTHEM -
Arise O compatriots
Nigeria’s call obey
To mark our Valentine
With PVC and change
The labour of our Chibok girls
Shall never be in vain
To vote Buhari en masse
On May 29 in Aso Rock, Goodluck shall
handover
I pledge to vote for General Muhammad
Buhari
Because he is faithful, loyal and honest He will serve Nigeria with all his strength
He will defend her unity and uphold her
honour and glory
So let there be CHANGE

Amen