President Muhammadu Buhari had set up the panel to probe defence spendings

President Muhammadu Buhari had set up the panel to probe defence spendings between 2007 and 2015. What was turned up as interim report was shocking about the scale of looting by the National Security adviser.

Here is an excerpt from the report:

"As part of the findings, the committee has analyzed interventions from some organizations that provided funds to the Office of the National Security Adviser, Defence Headquarters, Army Headquarters Naval Headquarters and Nigerian Air Force Headquarters, both in local and foreign currencies.

"So far the total extra budgetary interventions articulated by the committee is N643, 817,955,885.18. The foreign currency component is to the tune of $2,193,815,000.83.

"These amounts exclude grants from the State Governments and funds collected by the DSS and Police. It was observed that in spite of this huge financial intervention, very little was expended to support defense procurement.

"The committee also observed that of 513 contracts awarded at $8,356,525,184.32; N2, 189,265,724,404.55 and €54,000.00; Fifty Three (53) were failed contracts amounting to $2,378,939,066.27 and N13, 729,342,329.87 respectively.
"Interestingly, it was noted that the amount of foreign currency spent on failed contracts was more than double the $1bn loan that the National Assembly approved for borrowing to fight the insurgency in the North East.

"The committee also observed that of 513 contracts awarded at $8,356,525,184.32; N2, 189,265,724,404.55 and €54,000.00; Fifty Three (53) were failed contracts amounting to $2,378,939,066.27 and N13, 729,342,329.87 respectively.
"Interestingly, it was noted that the amount of foreign currency spent on failed contracts was more than double the $1bn loan that the National Assembly approved for borrowing to fight the insurgency in the North East.

"The committee also discovered that payments to the tune of N3, 850,000,000.00 were made to a single company by the former NSA without documented evidence of contractual agreements or fulfilment of tax obligations to the FGN.

"Further findings revealed that between March 2012 and March 2015, the erstwhile NSA, Lt Col MS Dasuki (rtd) awarded fictitious and phantom contracts to the tune of N2, 219,188,609.50, $1,671,742,613.58 and €9,905,477.00. The contracts which were said to be for the purchase of 4 Alpha Jets, 12 helicopters, bombs and ammunition were not executed and the equipment were never supplied to the Nigerian Air Force, neither are they in its inventory."
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