How 55 Nigerians looted N1.4trn in 7 years – Osinbajo

Only 55 Nigerians have looted more than N1.4 trillion of public money in seven years—and the money could have changed Nigeria immensely, Vice President Yemi Osinbajo said Tuesday.

In a shocking calculation of the opportunity cost of corruption, Osinbajo said only a third of the looted money—some half trillion naira—could have favoured large swathes of Nigeria, build roads, put children in school and families in homes instead of lining the pockets of looters.

'Using World Bank's rates and costs, one-third of this stolen sum could have provided 640km of roads,' said the vice president. That's roughly the distance between Abuja and Sokoto.

The money could also have built '36 ultra modern hospitals (one per state), built and furnished 185 schools, educated 4,000 children from primary level all the way to their tertiary education (at N25 million per child), and also built 20,000 units of two-bedroom houses,' the vice president said.

Osinbajo was speaking at a stakeholders dialogue on corruption, organised by Transparency International and its local contact, the Civil Society Legislative and Advocacy Centre (CISLAC). - Daily Trust.