Group known as Niger Delta Youth Leaders Council, NDYLC, has called on President Muhammadu Buhari to establish “Looted Funds Recovery Commission, LFRC.’’
The council, in a letter to President Buhari with reference number NDYLC/NDR/015/100, signed by Engr. Japhet A.C. Ogueri, and a copy made available to Nigerian Pilot, drew the attention of the President that, from 1980 to 2015, 35 years ago, Nigeria lost in foreign earnings, more than 60 percent of what she actually earned from the sales of crude oil in the OPEC market.
Part of the letter reads, “The $12billion windfall during IBB regime, Abacha loot in billions of dollars, PENTASCOPE scam, failed privatization programmes, $49.8billion unremitted NNPC funds, pension scams in trillions of naira, Halliburton bribery scandal, etc are just tips of the iceberg.”
The group also noted that within the period under review, trillions of dollars have been looted through illegal oil bunker, dubious turn-around-maintenance, TAM of the four almost moribund refineries, over invoicing, duplication of projects, subsidy on petroleum products, security budgets and votes, tax and import waivers.
According to the letter, SPDC in their 2014 sustainability report revealed that the sum of $67billion (N9.6trillion) was paid to federal government in form of revenue from 2008-2012. The UNCTD in its 2012 report further showed that the total foreign direct investment, FDI inflows in Nigeria increased from $1.6billion in 2010 to $8.92billion in 2012, while federal government equally earned over N8trillion from crude oil sales in the same 2012 according to CBN yearly report.
It also noted that between 1999 and 2005, approximately, 1,890 days, federal government spent over $2billion (N300billion) on NEPA, more than double of the amount from 2005 to May 29, 2015, in just one of the over 546 ministries development and agencies, MDAs.

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