PRESIDENT Muhammadu Buhari has vowed that his administration would trace the accounts of individuals who stashed away ill-gotten oil money, freeze and recover the loot and prosecute the culprits.
Buhari, on the third day of his vist to the United States, lamented that “corruption in Nigeria has virtually developed into a culture where honest people are abused.”
According to him, “250,000 barrels per day of Nigerian crude oil are being stolen and people sell and put the money into individual accounts,” adding that the United States and other developed countries “are helping us to trace such accounts now.
We will ask that such accounts be frozen and prosecute the persons. "The amount involved is mind-boggling. Some former ministers were selling about one million barrels per day. I assure you that we will trace and repatriate such money and use the documents to prosecute them.
A lot of damage has been done to the integrity of Nigeria with individuals and institutions already compromised.” Citing the example of the Nigerian National Petroleum Corporation (NNPC), President Buhari said unlike what obtained during his tenure as Federal Commissioner for Petroleum under military regime when the NNPC had only two traceable accounts before paying oil proceeds into the Central Bank of Nigeria (CBN), “now, everybody is doing anyhow.
” He also spoke of the consequences of the removal of petroleum subsidy, saying that if removed, it would cause inflation in the country.
Additionally,he also said “I am going to go slow and steady,” he assured, as he called for patience to allow the new administration “put some sense into governance and deal with corruption.”
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