Speaker Abbas Exposes Nigeria's $18 Billion Loss to Procurement Fraud Annually

Speaker Abbas reveals Nigeria loses $18 billion yearly to procurement fraud, contributing to Africa's $587 billion financial drain. Abbas emphasized the need for fiscal oversight and modern technology adoption to curb losses.

He defended Nigeria's borrowing policy, stressing responsible fund application. Abbas highlighted the importance of transparency reforms, including the creation of the National Assembly Budget Research Office for independent analysis.

The revelations underscore the urgency for African parliaments to enhance budget scrutiny and combat financial leakage to foster economic growth.