Saturday, April 12, 2008

Nigeria: EFCC Probes Past Govts On $500bn Oil Revenue

http://allafrica.com/stories/200804110016.html

(THE Economic and Financial Crimes Commission (EFCC) said, yesterday, it would soon carry out a critical examination into what past administrations in the country did with the $500 billion generated from oil in the last 50 years, according to its acting Chairman, Mr. Ibrahim Lamorde.)

Now won't that be something! I'm pro-probe for sure. Let's probe all of Nigeria's former (and current) leaders. Let's hear what IBB, OBJ, Diya, Gowon, Shagari, Atiku etc all have to say and all the former ministers of oil & petroleum as well.

On a more serious note though - $500bn over 50 years = $10bn a year on average. Imagine if only half had been spent on infrastructure development, that's $5bn a year for half a century...it'll surely be one of the finest, most developed and highly functional nations on the planet . . . instead, we have a cronic lack of infrastructure which in turn impedes commerce, thus retarding development and the result is the chaos we have today!

Well, let's probe 'em all I say!

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