Massive looting of public funds during the administrations of former Presidents Olusegun Obasanjo, late Umaru Musa Yar’Adua and Goodluck Jonathan came to the fore again, yesterday, as top government officials and businessmen were said to have illicitly enriched themselves with public funds to the tune of over N1.35 trillion.
Chairman of the Presidential Advisory Committee Against Corruption, PACAC, Professor Itse Sagay, disclosed this at a conference on Promoting International Co-operation in Combating Illicit Financial Flows and Enhancing Asset Recovery to Foster Sustainable Development, in Abuja, citing a study which limited the looting to only six years (2006- 2013).
The revelation came on a day the Debt Management Office, DMO, put the nation’s total debt at N19.2 trillion as at the first quarter of this year.
Sagay said the funds looted during the period under review to 2015 was much more when fuel subsidy scams, billion-dollar arms purchase scams, hundreds of millions of dollars taken from the Nigerian National Petroleum Corporation, NNPC, by a former minister to bribe election officials in 2015, were taken into consideration.
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