Nigeria: $480 billion was stolen by corrupt officials between 1960 and 2004

NIGERIA: A  Chattam House report launched in Abuja Yesterday said, at least $480 billion was stolen by corrupt officials between 1960 and 2004.

The Report titled “Collective Action on Corruption in Nigeria, a Social Norms Approach to Connecting Societies and Institutions,” was obtained by Chatham House, a Royal Institute of International Affairs, based in London. 

The report said that approximately $400 billion was stolen from Nigeria’s public coffer from 1960 to 1999 and that between 2005 and 2014, $182 billion was lost through illicit financial flows from the country. 

This stolen commonwealth, the report observed, represents the investment gaps in building and equipping modern hospitals to reduce Nigeria’s exceptionally high maternal mortality rates estimated at two out of every 10 global maternal deaths. British Ambassador to Nigeria, Mr. Paul Awkright, noted that corruption is bad for people and business. “Corruption fuels inequality, holds back development and it is a threat to national development of countries,” he said.

Awkright, who revealed that Nigeria and Britain are making progress in tackling corruption, expressed delight that the current administration of President Muhammadu Buhari has made fight against corruption a key action of the government.

 Peoples Digest Online

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Nigeria: $480 billion was stolen by corrupt officials