Where is N5 Trillion Nigeria’s Oil Money, APC Queries Jonathan

Posted by African Examiner Featured, Latest Headlines Wednesday, January 14th, 2015

Ayodele Afolabi, Abuja – The APC Presidential Campaign Organisation (APCPCO) has asked the PDP to explain to Nigerians how five trillion Naira (N5 Trn) in oil and gas revenue has gone down the drain.

Nigeria’s President Goodluck Jonathan

In a statement by the Director of Media and Publicity, APC Presidential Campaign Organisation, Mallam Garba Shehu, in Abuja on Wednesday, President Jonathan was challenged to explain why over N5 trillion in oil and gas revenue vanished under his supervision, through fraud and embezzlement.

“This government must answer the questions posed by the different Committees and Task Forces that probed the Oil and Gas Sector between 2011 and 2012. By this, we mean the Nuhu Ribadu-led Petroleum Task Force Report, the Minister of Trade and Investment’s report on stolen crude; the House of Representatives fuel subsidy report coupled with the investigations into the ecological fund, SIM card registration and frequency band spectrum sale,” the APC Campaign said.

The APC Campaign recalled that a prominent Nigeria’s newspaper had in the 25th of November, 2012 edition alerted Nigerians on how over N5 Trillion oil money had been stolen under Jonathan’s tenure.

The APC Campaign while bemoaning the shock that the nation’s economy is currently going through as a result of the free-fall of the oil pries noted that waste and graft associated with the management of our oil and gas revenue has further compounded Nigeria’s economic predicament.

The APC Campaign reminded Nigerians of the report of Punch Newspaper private investigation in 2012,which was never responded to by the government.

It noted that if the above scenario was frightening, what followed in the last two years has been worse and most flagrant.

According to the APC Campaign, “industrial theft of oil surged from 250,000 to 400,000 barrels per day and remains unabated. The issue of corruption was also repackaged and lowered to the status of petty stealing. Worse still innocent whistle-blowers were hounded out of office.”