The nominated Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, exposed the misappropriation of a staggering ₦2.9 trillion, earmarked for crucial government projects, between 2018 and 2020.
Olukoyede made this disclosure on Wednesday, October 18, 2023, during his appearance before the Senate.
Addressing the Senate, the EFCC Chairman stated, "I did a survey between 2018 and 2020 on 50 entities in Nigeria, both human and corporate entities. I picked just one scheme, one specie of fraud, which is called contract and procurement fraud. I discovered that within the three years, Nigeria lost ₦2.9trn."
According to Olukoyede, these funds, if not pilfered, could have transformed the nation significantly.
"If the country had prevented the money from being stolen, it would have given us 1,000 kilometers of road, it would have built close to 200 standard tertiary institutions. It would have also educated about 6,000 children from primary to tertiary levels at ₦16 million per child," he revealed.
Continuing his grim account, Olukoyede detailed the potential societal impact of the misused funds. "It would have also delivered more than 20,000 units of three-bedroom houses across the country. It would have given us world-class teaching hospitals in each of the 36 states of the country and the Federal Capital Territory," he added.
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