The All Progressives Congress (APC) vice presidential candidate in this year’s election, Prof Yemi Osinbajo (SAN) has said that Nigeria loses an average of N3.1trillion worth of crude oil to graft annually.
Osinbajo, who was in Uyo, Akwa Ibom State capital yesterday, stated this during the presentation of the APC’s 2015 manifesto on Securing Nigeria’s Future during the APC’s Youth Interactive Town Hall Meeting.
He said that the level of corruption in Nigeria is too high, adding that no country can survive under the current rate of stealing in the country.
Osinbajo, who said that the federal government itself has confirmed that over 400,000 barrels of oil are stolen everyday, explained that Nigeria’s problem is not lack of resources but corruption and stealing.
He said, “The government of today has tried to give the impression that the problem of the country is that of falling oil prices, which is now below $50 per barrel but that is not the problem. The problem is the corruption and stealing”.
“Nigeria’s problem is not resources but management of resources is our main problem. We must put in place a responsible government who will hold those managing the country’s resources accountable.”
The APC vice presidential candidate stated that when the former Central Bank of Nigeria (CBN) governor, Mr Sanusi Lamido Sanusi said $20billion was missing, he was removed from office by the PDP-led federal government.
According to him, another former CBN governor, Prof Charles Soludo, not only confirmed the missing money, but updated the figure to N30trillion.
He revealed that when oil price was $38 per barrel, Nigeria had external reserve of $62bn, noting that for five years when the oil prices hovered from $100 to $168 per barrel, the country’s external reserve dropped to $32bn.
According to him, the abnormality resulted in the weakening of the country’s currency, which value stands at N220 per dollar.
