President Muhammadu Buhari has revealed the extent of mismanagement that Nigeria’s oil funds have suffered.
playPresident Muhammadu Buhari addresses members of the National Working Committee during the meeting of the All Progressives Congress (APC) party at the headquarters of the party in Abuja, Nigeria July 3, 2015. REUTERS/Afolabi Sotunde
Buhari disclosed that some former ministers were selling about one million barrels of the country’s crude oil per day and stashing the money in personal accounts.
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President Muhammadu Buhari
(Nigeria Intel)
He also said, on Tuesday, July 21, 2015, that his administration would trace the accounts of individuals who stashed away ill-gotten oil money, freeze and recover the loot and prosecute the culprits.
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President Muhammadu Buhari
(AP)
The President made the comments during a meeting with members of Nigerians in Diaspora Organization (NIDO) in the United States and Canada at the Nigerian Embassy in Washington DC.
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President Muhammadu Buhari
(The Herald)
According to a statement released by Buhari’s media aide,Garba Shehu, the president said:
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Presidential media aide, Garba Shehu
(Channels TV)
“250,000 barrels per day of Nigerian crude are being stolen and people sell and put the money into individual accounts.”
“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 also explained that removing the subsidy on fuel in the country would cause hardship to the average citizen.
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Watch Buhari speak with CNN's Christiane Amanpour below:
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