President Muhammadu Buhari has given more insights on the extent of corruption in the country’s oil sector under the administration of former President Goodluck Jonathan.
He spoke on Tuesday while reacting to questions from members of Nigerians In Diaspora Organisation (NIDO) in the United States and Canada at the Nigerian Embassy in Washington DC.
According to him, “250,000 barrels per day of Nigerian crude were being stolen and people sell and put the money into individual accounts,” adding that the United States and other developed countries “are helping us to trace such accounts now.”
” We will ask that such accounts be frozen and prosecute the persons. The amount involved is mind-boggling. Some former ministers were selling about one million barrels per day.
” I assure you that we will trace and repatriate such money and use the documents to prosecute them. A lot of damage has been done to the integrity of Nigeria with individuals and institutions already compromised,” Buhari stated.
Citing the example of the Nigerian National Petroleum Corporation (NNPC), President Buhari said unlike what obtained during his tenure as Federal Commissioner for Petroleum under military regime when the NNPC had only two traceable accounts before paying oil proceeds into the Central Bank of Nigeria (CBN), “now everybody is doing anyhow.”
The President, who expressed skepticism on the existence of oil subsidy, said if subsidy was removed, transport, housing and food prices would go out of control and the average worker would suffer untold hardship.
