Vice President, Yemi Osinbajo, yesterday disclosed that the country lost about $15bn to fraudulent and corrupt practices in security equipment spending during the administration of former President Goodluck Jonathan.
A statement issued by Senior Special Assistant to the Vice President on Media and Publicity, Mr. Laolu Akande, said Osinbajo spoke in Ibadan, Oyo State at the presentation
The Challenges of Growth and Development.” Osinbajo explained that the country could not sustain the shocking level of public sector corruption, hence, the determination of the President Muhammadu Buhari administration to fight cankerworm. He said: “When you look at the sheer amount of money that have been embezzled, the sheer amount of money lost from any of these various cases of corruption, you will find that far too much has been lost.
“It was discovered a few days ago that the total amount of money lost just to corruption in the provision of security equipments in the military is closer to $15bn.” Osinbajo noted that the $15bn figure was more than half of the current foreign reserve of the country, which he said was now about $27bn.
He told the audience made up of top Nigerian elites drawn from academics, business and the professions that the present administration would ensure that there were consequences for corruption. Osinbajo said: “What the Buhari administration is trying to do is to ensure that there are consequences for corruption and we try to send a message that anyone who is found to have been corrupt would not only dislodge the property they have stolen but will also pay for it in terms of the sanctions of the law.
“I believe strongly that it is important to send a message that no public officer can steal the resources of this country and expect to escape. I hope the message would be loud and clear and it will inform behaviour in the future.” Throwing a challenge to the generality of the Nigerian elite, Osinbajo said: “The limits of the growth and development of most nations largely depend on the strength of the value-driven influence of their elite. “Indeed, it is evident that the reason for the development and growth of most societies is not resources, but values.”
The Vice-President said the Federal Government would, in a few days time, begin the implementation of the 2016 budget, which he described as the most ambitious in the history of the nation. According to him, the budget is not only ambitious in size but also more in its broad range of fiscal policies. “Our strategic implementation plan proposes 33 action points.
“The action points cut across six political ties of security, governance, economic diversification, power, road and rail, oil and gas, ease of investments and social investment,” he said. Osinbajo said that for the first time in three years, the nation would have 30 per cent of the budget going for capital expenditure, a percentage that was three times higher than the last budget. He said that the capital expenditure would take care of several aspects of infrastructure, particularly rail, road and power.
According to him, the rail link between Lagos and Kano as well as the one between Lagos and Calabar would be captured. He said government had budgeted that by July, 65,000 youths would be trained in software and hardware, adding that government’s aim was to build a reservoir of technologists. #
Osinbajo also listed the training of 370,000 Nigerians in various vocations, conditional cash transfer to the poor and loan facilities for market women as part of the programmes to be expected. The Vice-President also said that the Federal Government was planning to generate 7, 000 megawatts of electricity for the nation within the next 18months.
He stated that power remained a major challenge the Federal Government had been facing, and which the government was determined to solve. According to him, the most important part of the budget would focus on ensuring that the weak aspect of the power value chain was restored. Osinbajo said the nation was faced with the problem of conveying gas to the power plant, adding that the pipeline, which remained the easiest method, was frequently facing vandalism. “Early in the life of this administration late last year and early this year, power generation was possibly at its best.
“Nigeria, for the first time was actually generating 5,000mw, which was the first time it will happen in the history of the country. “On February 14, the Forcados Export Terminal was blown off, effectively ensuring that 40 per cent of our gas that goes for power is no longer used for the purpose. “This situation led to the immediate loss of 1,500 megawatts of power. It is our priority that the pipeline project is completed so that gas will be adequately supplied to the power plant,” he said. He said that President Buhari had two weeks ago ordered full mobilisation of the military for the protection of pipelines in the country.
Reviewing the book, Prof. Jide Osuntokun said the writers had carefully highlighted the various challenges bedevilling the nation and how they could be corrected for national growth and development. “Nigeria’s problem is structural and systemic, and it could be structurally and systematically addressed,” he said. Osuntokun said the book articulates various ideas of the writers aimed at building an egalitarian society.
Also, Mr. Oba Otudeko, the chairman of the event, said there was no other better time to discuss the development of the nation than now when they have the company of people who care.
He described the “House of Lords, Nigeria” as a collection of people whom the interest of Nigeria and the welfare of the citizens were paramount in their minds. “Let me tell them that they are on the right path and they should not lose sight of the development of the country.
“This book presents a compendium of opportunities. I think it is worth having,” he said. The 209-page book is a collection of the speeches of 11 writers from various spheres of life. The House of Lords, Nigeria was founded fifty years ago and presently parades 34 members, with Prof. Ayodele Desalu as the “Leader.” The event was attended by prominent citizens, including investment banker, Mr Fola Adeola; Prof. Idowu Olayinka, the Vice-Chancellor, UI; Prof. Oladipo Akinkungbe and hosts of others.