Muhammadu Buhari, who was elected in May on an anti-corruption ticket, says ‘mind-boggling’ sums of federal money had been stolen
Nigerian authorities have seen documents suggesting that the proceeds from past crude oil sales were diverted to personal accounts instead of reaching government coffers, the president, Muhammadu Buhari, said on Wednesday.
Africa’s biggest economy faces its worst economic crisis in years, since it relies on oil exports for about 58% of government revenue. The sharp fall in oil prices over the past year has hit those revenues hard. The problem has been exacerbated by the longstanding mismanagement of oil revenue.