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Up to $15 billion stolen from Nigeria in arms deals

Staff writer ▼ | May 9, 2016
Around $15-billion was stolen from state coffers under the previous government through fraudulent arms procurement deals, the vice-president said.
Yemi Osinbajo
Africa   Nigerian Vice-President Yemi Osinbajo:
This is equal to about half of Nigeria's foreign currency reserves. is going through its worst economic crisis in decades because of the drop in global crude prices. Ministers say these problems have been exacerbated by fraud under previous administrations.

President Muhammadu Buhari said the theft of "mind-boggling" sums of oil money meant state coffers were virtually empty.

The total sum lost to corruption related to the provision of security equipment to the military and amounted to about $15-billion, Vice-President Yemi Osinbajo said.

His claims are the latest in a string of allegations by members of Buhari's administration.

In January the information minister said 55 government ministers, state governors, public officials, bankers and businessmen stole $6.8-billion in seven years.