Osinbajo says Nigeria earned $1.1tr from oil in 28 years, laments wastage

Nigeria made over $1.1 trillion from oil in 28 years, Vice President Yemi Osinbajo, said at the weekend. According to him, corruption and the lack of will to diversify the economy over the years made it impossible for Nigerians to feel the impact of the oil receipts on development.

Osinbajo, who spoke in Ibadan, the Oyo State capital, while delivering the ninth public lecture of Sigma Club at the International Conference Centre of the University of Ibadan (UI), said the Buhari administration received the lowest oil receipt during the period while the highest was received during the Jonathan administration.

The VP said that the most important drain on the nation’s public purse was grand corruption, adding that the nation would earn more revenue if such was addressed. Osinbajo put the nation’s debt at $73 billion. He said the Jonathan administration left $63billion while the Buhari administration had borrowed $10 billion.

Source: The Nation

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