‘Ex-ministers put stolen oil money in personal accounts,’ President says

President Muhammadu Buhari has revealed the extent of mismanagement that Nigeria’s oil funds have suffered.

He also said, on Tuesday, July 21, 2015, that his administration would trace the accounts of individuals who stashed away ill-gotten oil money, freeze and recover the loot and prosecute the culprits.

The President made the comments during a meeting with members of Nigerians in Diaspora Organization (NIDO) in the United States and Canada at the Nigerian Embassy in Washington DC.

According to a statement released by Buhari’s media aide, Garba Shehu, the president said:

“250,000 barrels per day of Nigerian crude are being stolen and people sell and put the money into individual accounts.”

“We will ask that such accounts be frozen and prosecute the persons. The amount involved is mind-boggling. Some former ministers were selling about one million barrels per day.”

“I assure you that we will trace and repatriate such money and use the documents to prosecute them. A lot of damage has been done to the integrity of Nigeria with individuals and institutions already compromised.”

Buhari also explained that removing the subsidy on fuel in the country would cause hardship to the average citizen.

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Watch Buhari speak with CNN's Christiane Amanpour below: