More than N30trillion has either been stolen, or losMore than N30trillion has either been stolen, or lost under Jonathan/Okonjo-Iweala – Prof. Soludo,t under Jonathan/Okonjo-Iweala – Prof. Soludo.
Former CBN Governor Charles Chukwuma Soludo testimonial on Dr. Mrs. Ngozi Okonji Iweala tenure as finance minister and coordinating minister of the economy in his article “Over 30 trillion naira stolen under Okonji Iweala”.
Soludo, who gave the details of the N30tn allegedly stolen under Okonjo-Iweala’s watch, said, “Under you as the Minister of Finance and coordinator of the economy, the basket of our national treasury is leaking profusely from all sides. Just a few illustrations! First, you admit that ‘oil theft’ has reduced oil output from the average 2.3 – 2.4 million barrels per day to 1.95 mpd (meaning that at least 350,000 to 450,000 barrels per day are being ‘stolen’). On the average of 400,000 per day and the oil prices over the past four years, it comes to about $60bn ‘stolen’ in just four years.
“In today’s exchange rate, that is about N12.6tn. This is at a time of cessation of crisis in the Niger Delta and the amnesty programme. Can you tell Nigerians how much the amnesty programme costs, and also the annual cost for ‘protecting’ the pipelines and security of oil wells? And the ‘thieves’ are spirits?
“Second, my earlier article stated that the minimum forex reserves should have been at least $90bn by now and you did not challenge it. Rather, it is about $30bn, meaning that gross mismanagement has denied the country some $60bn or another N12.6tn. Now, add the ‘missing’ $20bn from the NNPC. You promised a forensic audit report ‘soon’, and more than a year later, the report itself is still ‘missing’. This is over N4tn, and we don’t know how much more has ‘missed’ since Sanusi cried out.
“How many trillions of naira were paid for oil subsidy (unappropriated?). How many trillions (in actual fact) have been ‘lost’ through customs duty waivers over the last four years? As coordinator of the economy, can you tell Nigerians why the price of Automotive Gas Oil, popularly called diesel, has still not come down despite the crash in global crude oil prices, and how much is being appropriated by friends in the process?
“Be honest: Do you really know (as coordinator and minister of finance) how many trillions of naira self- financing government agencies earn and spend? I have a long list but let me wait for now. I do not want to talk about other ‘black pots’ that impinge on national security.”
Soludo added, “My estimate, Madam, is that probably more than N30tn has either been stolen, or lost, or unaccounted for, or simply mismanaged under your watchful eyes in the past four years. Since you claimed to be in charge, Nigerians are right to ask you to account. Think about what this amount could mean for the 112 million poor Nigerians, or for our schools, hospitals, roads, etc.
“Soon, you will start asking the citizens to pay this or that tax, while some faceless ‘thieves’ are pocketing over $40m per day from oil alone.”
The Punch, February 2, 2015
