Nigeria looses N776billon to curroption says akinwale

The Federal Government has said it lost over N776‎ billion to corruption or an average of N26 billion annually in the seed and fertilizer sector between 1980 and 2010.Minister of Agriculture and Rural Development, Dr. Akinwumi Adesina, said at a four-day Public Affairs Forumorganised by the office of theSenior Special Assistant to the President (Public Affairs),Dr. Doyin Okupe, with the theme, “The Jonathan Administration: Four Impactful Years,” that over N873 billion ($5.4 billion) was spent on fertilizer subsidies‎ of which not morethan 11 per cent of farmers received the inputs.According to him, “over N776billion ($4.8 billion) was estimated to have been lost to corruption or an average of N26 billion (162.5mln) annually while the system displaced the private sector while Nigerian farmers lost their dignity.”