Over 1.3 trillion was stolen by 32 entities between 2011 and 2015 in Nigeria.
The Acting Chairman, Economic and Financial Crimes Commission, EFCC, Mr Ibrahim Magu, made this known on Monday.
Magu was quoted as having made the disclosure at the 2019 First Batch Conversion Training Programme to Procurement Cadre for Federal Parastatals and Agencies in Lagos.
According to the Acting Head, Media and Publicity, Mr Tony Orilade, in a statement he issued, Magu, who was represented by the Secretary of EFCC, Mr. Ola Olukoyede, said the amount was a huge financial loss to Nigeria.
He said part of the money stolen by the entities could have been used to develop the country’s infrastructure among other benefits.
His words: “One third of this money, using World Bank rates and cost, could have comfortably been used to construct well over 500 kilometre of roads; build close to 200 schools; educate about 4, 000 children from primary to tertiary levels at N25 million per child; build 20, 000 units of two-bedroom houses across the country and do even more.
“The cost of this grand theft, therefore, is that these roads, schools and houses will never be built and these children will never have access to quality education.
“This is because a few rapacious individuals have cornered for themselves what would have helped secure the lives of the future generations thereby depriving them of quality education and healthcare, among others.”
Magu blamed the increase in corrupt practices on the poor procurement process in the country.
