Nigeria’s Vice President, Professor Yemi Osinbajo (SAN), has said the looting of $15billion meant for security equipment procurement adversely affected the economy of the country. Osinbajo said this in Ibadan yesterday at the 50th anniversary of the “House of Lords, Nigeria” which held at the University of Ibadan. In his words, “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. 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. 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.”