$32b missing in Nigeria

Compass

16 February 2011

$32b missing in Nigeria

•Fresh N31.9 billion scandal rocks NDDC

•EFCC, ICPC begin probe

MORE than $32 billion has been squandered in Nigeria since 1960 “without any evidence of how the money was spent”.

The above damning verdict came from one of the most influential newspapers in the United States (U.S.), the New York Times, which gave graphic details of how the economy of the most populous black nation has been mismanaged since its independence from Britain, more than 50 years ago.

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“The question many ask is: why is it that despite all the billions that is being poured into the Niger Delta, no noticeable development has taken place in the region?

“What have the governors of the 36 states done with their Excess Crude Account that they have drawn down from $30 billion to almost nothing? Basically, about $350 million left. “Most of the remaining $22 billion was drawn down by state governments without any particular projects to spend it on, just on the basis of, there’s money sitting in the accounts, let’s draw it down.

“It’s basically free money, once you get it, there are no checks and balances on what happens to it.”

Meanwhile, the Niger Delta Development Commission (NDDC) is facing a probe over alleged N31.9 billion fraud, even as an investigation into illegal transfer of $20 million, by management of the interventionist agency, in an offshore bank account, is still on.