(Ecofin Agency) - On May 3, 2016, Nigeria’s Vice President revealed that following recent investigations, it was found that instead of $5.5 billion previously announced, it is $15 billion that has been embezzled under government of Goodluck Jonathan, as false security expenses.

In November 2015, on order of President Muhamady Buhary the court arrested Samba Dasuki, former National Security Advisor as well as other officers, in the framework of the case.

“This sum represents about half of our current exchange reserves. Considering the net amount embezzled through each of these transactions, you can imagine how much we have lost so far,” Yemi Osinbajo told Nigerian media. Regarding Mr Dasuki who is presently answering in court, he keeps denying its involvement in this case.

Since he came to power, Buhari and his team made the cleaning of public accounts a top-priority to restore economic balance. Easier said than done considering how over the past 60 years, corruption claims piled up, and have been often reported by international institutions such as Transparency International.

For the time being, all eyes in Nigeria are on budget adoption. The approval of this budget by the President was postponed due to a scandal about massive job cut planned in the initial budget. Osinbajo said the budget should be approved in a few days and that Nigeria would have the most ambitious finance law of its history. However, it should take into consideration oil slump, weak naira in real exchange market and inflation which reached a record level in mid-April 2016.