Nigeria has lost over N38tn through mismanagement, embezzlement and money laundering under successive administrations since democracy returned in 1999,estimates made by SUNDAY PUNCH have shown.
The figures were drawn from findings by anti-graft agencies and investigative panel reports on major economic scandals and financial crimes in the country in the last 17 years.
The investigation, which covered the Olusegun Obasanjo, Umaru Yar’Adua and Goodluck Jonathan-led administrations, showed that most of the stolen funds have not been accounted for.
Of the over N39tn lost in the country’s economy, crude oil theft, official corruption and electoral campaign funding were responsible for a larger percentage of the loss.
The exchange rate of N130 to a dollar was used in the conversion of funds under the Obasanjo-led administration while N150 was adopted for those under the Jonathan-led administration, being the average official rates during the tenures.
