CLOSE TO $15B, MORE THAN HALF OF NIGERIA'S CURRENT FOREIGN RESERVES, WAS LOST TO FRAUDULENT SECURITY EQUIPMENT SPENDING - VP OSINBAJO

Nigeria lost about $15B to fraudulent and corrupt practices in the security equipment spending during the last administration, Vice President, Prof Yemi Osinbajo, SAN, has disclosed, even as he spoke of hope that the implementation of the 2016 budget would commence soon.

"By the grace of God in the next few days we will begin the implementation of one of the most ambitious budgets in our history. Ambitious not just in its size but more in its broad range of fiscal and other socio-economic policies," according to the Vice President.

The Vice President spoke today at the book presentation of the Ibadan-based elite group, House of Lords, which just published an indepth analysis by different experts titled "Nigeria: The Challenges of Growth and Development, " at the University of Ibadan.