Nigeria’s Minister of Finance: Nigeria lost 14 Billion Dollars to oil theft, subsidy fraud in 2011

President Goodluck Jonathan

Pictorial exposure of the kind of theft that may be happening within the Nigerian Government headed by President Goodluck Jonathan

Minister of Finance, Dr Ngozi Okonjo-Iweala, has disclosed that Nigeria lost $14 billion in 2011 to oil theft and fraud in the allocation of a controversial fuel subsidy.

In an interview with Financial Times of London, the Finance Minister said the trade in stolen oil led to a 17 per cent fall in official oil sales in April, or about 400,000 barrels per day.

“We have to get very serious about the bunkering issue. If we can stop the amount that is stolen, we can beef up the excess crude account faster,” she said, referring to the rainy-day account where savings accrue above a benchmark price for oil, set at $72. This holds more than $4bn, Okonjo-Iweala said.

But those funds could be targeted to supplement this year’s budget for the fuel subsidy which has already been largely depleted.

Culled from a Nigerian newspaper, Vanguard

What are you thinking?

3 Responses to “Nigeria’s Minister of Finance: Nigeria lost 14 Billion Dollars to oil theft, subsidy fraud in 2011”

  1. gbengs says:

    the man died or the guilty by-standers.the man died in u if u fail to say something in the face of the present situation in nigeria.u are also the guilty by-stander.
    this is not the first time that i minister of finance will come up to say something that affects his or her boss directly and nothing is been done about it;
    where is Femi Falana?where is Olisa Agbakoba?if Gani is dead and Kanmi Ishola Osobu is dead does it mean there are no more constitutional lawyers or human right lawyers in nigeria?
    someone should file a case in the court and asking the court to compell the minster to come up publicly with more information and how we can trap the bunkerers.the DPP can do this i mlean the driector of Public Prosecution can be compelled by the court to bring the minster to court to give evidence.this part of the law has not yet been espunged in the law book.except my law teachers were wrong.

  2. Gabriel says:

    Who are the thiefs? They should be arrested they must pay back what they have stolen let thire property be confiscated they should face the full wrath of the law and we pray that God will continue to expose al spoilers of Nigeria

    • Dada says:

      @gabriel: u shud knw this subsidy theft is in the presidency,as we hv seen & heared, We all knw who the thief is. so the question is who is she protecting?

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