The Plunder of Nigeria’s Wealth – A Call to Action
In a world of subsidies designed to benefit the many, Nigeria’s subsidies seem to only benefit the wealthy elite. Let’s take a look at the various forms of plunder and theft that have been happening in Nigeria and how these scams have resulted in the loss of trillions of Naira. The question now is, what can be done to recover these stolen funds and use them for the betterment of the nation?
One instance of looting involves the diversion of N40 billion from the Federation Account by a company hired by the Ministry of Interior. The revenue collected, which should rightfully be remitted to the Federation Account, is instead being shared among various parties, clearly violating the constitutional provisions. This case has been taken to court, but the illegality continues.
Another example is the failure to collect outstanding royalties from International Oil Companies, amounting to a staggering $62 billion. Despite a Supreme Court order to collect these royalties, the government has yet to take action. This is a colossal loss of revenue for the country.
The theft of crude oil and solid minerals is also prevalent, with billions of dollars lost due to illegal smuggling. NEITI revealed that Nigeria lost over 600 million barrels of crude oil valued at N16.25 trillion ($46.16 billion) to theft between 2009 and 2020. Even current National Security Adviser, General Babagana, has warned that Nigeria could lose $23 billion to crude oil theft in 2023.
Moreover, members of the ruling class in Nigeria have been given special privileges, including illegal salaries, security votes, and scandalous pensions. They have taken themselves out of the general salary structure, resulting in significant financial burden on the country. This subsidy of the wealthy needs to be reined in.
Another significant issue is the failure to recover over N10 trillion in unremitted operating surplus by government enterprises and N6 trillion in unpaid ground rents from buyers of government properties. These are massive sums of money that need to be recovered for the betterment of the nation.
Furthermore, the scandalous fuel subsidy system in Nigeria has also led to monumental fraud. It has provided a basis for criminal activities like smuggling and is in dire need of reform.
It is evident that Nigeria’s ruling class is being heavily subsidized at the expense of the masses. The recovery of the looted wealth and the fixing of the nation’s refineries is essential to provide genuine subsidies that can make life livable in Nigeria. Action needs to be taken to combat these corrupt practices and recover the nation’s stolen wealth for the benefit of all Nigerians.
