Politics AU Report Claims N6.87trillion is Stolen in Nigeria Every Year



According to an African Union, AU report, every year N6.87 trilllion gets stolen in Nigeria.


Nigeria, the world’s seventh largest producer of hydrocarbon, accounts for about 68.1 per cent of the total revenue Africa is losing annually as a result of illegal transfer of revenues abroad.

The report of the Thabo Mbeki High Level Panel on Illicit Financial Flows from Africa adopted on Sunday by African Union Heads of State and Government at their summit in Addis Ababa, Ethiopia said about $40.9billion (about N6.87trillion) of an estimated $60billion (about N10.08trillion) lost through such transfers from Africa are traced to Nigeria.

The funds are stolen through corruption, tax evasion and illegal transfer of profits by multinationals, the AU said.

Nigeria, which produces an average of 2.3million barrels of oil daily as the leading hydrocarbon producer in Africa, is being ravaged by poverty and underdevelopment.

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SOURCE: #PremiumTimes

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