Nigeria Made N70 Trillion From Oil In 15 Years, Where Did All That Money Go?

Waziri Adio, executive secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), says the country had no business going into recession with the huge revenue from oil from 1999 to 2014.

He said while the three tiers of government earned and shared N70 trillion oil and gas revenue during the period, there was no provision for savings.

He was speaking on Monday when he played host to members of the senate committee on federal character and inter-governmental affairs who were on an oversight visit to his office in Abuja.

Adio said it would be necessary for Nigeria to develop prudent spending to avoid lapsing into recession again. Read more here.