The Federal Government has revealed that Nigeria lost about fifteen billion dollars through fraudulent spending on security equipment during the immediate-past administration.

The Federal Government has revealed that Nigeria lost about fifteen billion dollars through fraudulent spending on security equipment during the immediate-past administration.Vice President of Nigeria, Professor YEMI OSINBAJO made the revelation while making remarks at a book presentation in Ibadan, Oyo State.Professor OSINBAJO said the amount lost to fraud in security equipment spending represented more than half of Nigeria’s current foreign reserves, which stands at about twenty-seven billion dollars.He said the discovery was made recently, adding that what President MUHAMMADU BUHARI was trying to do is to ensure that there are consequences for corruption.