About $400b Nigeria’s oil money mismanaged- says Ezekwesili

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The former World Bank Vice President Dr Oby Ezekwesili has said that about $400 billion of Nigeria’s oil money has been stolen since 1960. Dr Ezekwesili said Nigeria earns 90% of her revenue through oil sales, but that 80% of the money ends up in the pockets of 1% percent of the population.

According to Dr Ezekwesili, “results reveal that as much as 20 per cent of the entire capital expenditure will end up in private pockets annually. The negative effects of corruption is starkly demonstrated by the fact that based on current track record, Nigeria will miss all the Millennium Development Goals (MDGs) target set in 2000 despite the richness of is natural and human resource endowments.

“There is no doubt that at the heart of any progress towards meeting these goals is the quality of governance at all levels of government and yet the general perception since validated revealed large scale corruption in the petroleum sector especially but not limited to the management of the subsidy scheme by all the relevant agencies of government, is that there is poor governance of public resources and assets in Nigeria at every level of government.

“Poor governance of public resources and assets in Nigeria is worsening at every level of government, across our institutions of state, the private sector and fast engulfing the wider society. The other and perhaps more significant way corruption hurts is its impact on the government bottom line and those teacher-less, desk-less schools only hint at the extent of the problem in Nigeria. An estimated $400 billion of the country’s oil revenue has been stolen or misspent since the country’s independence in 1960″ she declared.

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