VICE President, Professor Yemi Osinbajo (SAN), yesterday
disclosed that a mind-boggling sum of $15bn lost to corruption in security
equipment procurement had adversely affected the economy of the country.
He said this in Ibadan at the 50th anniversary of the “House
of Lords, Nigeria”, which held at the University of Ibadan. He vowed that this
administration would not......
spare any corrupt official warning that “those found
to be corrupt will not only disgorge the property stolen but will have to pay
for it in terms of sanctions according to the law. We believe that it is
important to sound this warning that no public officer can steal the resources
of this country and try to escape. I hope that this message is loud and clear
and it will inform right behaviour in the future”.
This came just as he allayed
the fears of Nigerians over erratic power supply saying 7,000 megawatts would
be generated within the next 18 months. While lamenting the adverse effects of
corruption on the socio-economic situation in the country, he added that the
level of corruption in the public sector was alarming. He said, “We need to
have a sustained fight against corruption. This country simply cannot sustain
the level of public sector corruption that has bedevilled us for so many years.
If you look at the sheer amount of money that has been lost to the various
cases of corruption, you will find out that far too much has been lost.
“Our country’s
external reserves stands at $27bn few days ago, but the total amount lost just
to corruption in the provision of security equipment in the military is close
to $15bn, which is more than half of current reserves of the country.” “Power
is a major factor in nation building. But the most important part of this is
that the aspect of power generation that is weak at the moment will be quickly
restored. The most important aspect in the power generation is first, gas; and
secondly, transmission. It is in our plan not only to produce more gas, but
also that we are able to pipe the gas to appropriate stations.
“We are going to
generate 7,000 mega watts of power in 18 months. But the problem is pipeline
vandalisation. The President has however ordered a full scale protection of the
pipelines by the military”, Osinbajo said. The Vice President, who spoke as the
Special Guest of Honour at the Public Presentation of a book, “Nigeria: The
Challenges of Growth and Development” by an elite group, ‘’The House of Lords”,
also pledged that the current administration would allocate 30 percent of the
total budget to the execution of capital projects across the country. According
to him, society fails when the elites abdicate their roles to a large extent.
His said:
“Today, ethnicity and religion, corruption and abuse of power and
mediocrity are values that are unfortunately encouraged. For Nigeria’s growth
and development, three principles are needed. First, is integrity, second is
the discipline of implementation and third the rigorous enforcement of law and
order.” Besides, he said “President Buhari has no agenda than to lead this
country to its desired destination. Our nation is ready to grow and we will get
there in your lifetime. It is the business of the Nigerian elites to promote
values and integrity.”
vanguard ngr
He said this in Ibadan
at the 50th anniversary of the “House of Lords, Nigeria”, which held at
the University of Ibadan.
He vowed that this administration would not spare any corrupt official
warning that “those found to be corrupt will not only disgorge the
property stolen but will have to pay for it in terms of sanctions
according to the law. We believe that it is important to sound this
warning that no public officer can steal the resources of this country
and try to escape. I hope that this message is loud and clear and it
will inform right behaviour in the future”.
This came just as he allayed the fears of Nigerians over erratic power
supply saying 7,000 megawatts would be generated within the next 18
months.
While lamenting the adverse effects of corruption on the socio-economic
situation in the country, he added that the level of corruption in the
public sector was alarming.
He said, “We need to have a sustained fight against corruption. This
country simply cannot sustain the level of public sector corruption that
has bedevilled us for so many years. If you look at the sheer amount of
money that has been lost to the various cases of corruption, you will
find out that far too much has been lost.
“Our country’s external reserves stands at $27bn few days ago, but the
total amount lost just to corruption in the provision of security
equipment in the military is close to $15bn, which is more than half of
current reserves of the country.”
“Power is a major factor in nation building. But the most important part
of this is that the aspect of power generation that is weak at the
moment will be quickly restored. The most important aspect in the power
generation is first, gas; and secondly, transmission. It is in our plan
not only to produce more gas, but also that we are able to pipe the gas
to appropriate stations.
“We are going to generate 7,000 mega watts of power in 18 months. But
the problem is pipeline vandalisation. The President has however ordered
a full scale protection of the pipelines by the military”, Osinbajo
said.
The Vice President, who spoke as the Special Guest of Honour at the
Public Presentation of a book, “Nigeria: The Challenges of Growth and
Development” by an elite group, ‘’The House of Lords”, also pledged that
the current administration would allocate 30 percent of the total
budget to the execution of capital projects across the country.
According to him, society fails when the elites abdicate their roles to a
large extent.
His said: “Today, ethnicity and religion, corruption and abuse of power
and mediocrity are values that are unfortunately encouraged. For
Nigeria’s growth and development, three principles are needed. First, is
integrity, second is the discipline of implementation and third the
rigorous enforcement of law and order.”
Besides, he said “President Buhari has no agenda than to lead this
country to its desired destination. Our nation is ready to grow and we
will get there in your lifetime. It is the business of the Nigerian
elites to promote values and integrity.”
Read more at: http://www.vanguardngr.com/2016/05/15bn-lost-corruption-affected-nigerias-economy-osinbajo/
Read more at: http://www.vanguardngr.com/2016/05/15bn-lost-corruption-affected-nigerias-economy-osinbajo/
VICE President,
Professor Yemi Osinbajo (SAN), yesterday disclosed that a mind-boggling
sum of $15bn lost to corruption in security equipment procurement had
adversely affected the economy of the country.
Read more at: http://www.vanguardngr.com/2016/05/15bn-lost-corruption-affected-nigerias-economy-osinbajo/
Read more at: http://www.vanguardngr.com/2016/05/15bn-lost-corruption-affected-nigerias-economy-osinbajo/
VICE President,
Professor Yemi Osinbajo (SAN), yesterday disclosed that a mind-boggling
sum of $15bn lost to corruption in security equipment procurement had
adversely affected the economy of the country.
Read more at: http://www.vanguardngr.com/2016/05/15bn-lost-corruption-affected-nigerias-economy-osinbajo/
Read more at: http://www.vanguardngr.com/2016/05/15bn-lost-corruption-affected-nigerias-economy-osinbajo/
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