The Petroleum Trust Fund was inaugurated by the Abacha administration in March 1995 and General Muhammadu Buhari was appointed to head the Fund which was formed sequel to the increase in the pump price of petrol to N 11 from N 3.25.
Sani Abacha, the then Head of State, had said then that the Fund was to distribute the gain from the increased price on social and infrastructural projects.

The Fund started work with an initial capital of about N60 billion in 1996 with a mandate that included the rehabilitation of roads and waterways, educational and health institutions, providing textbooks and stationery, procuring essential drugs and vaccines, providing water supply systems, reviving crumbling agricultural sectors, connecting outlying areas to the national electricity grid, extending railways and telecommunications and ensuring consistent food supply.

Buhari often referred to as Mai Gaskiya (the honest one) was apparently considered for the job mainly because of the qualities he possessed, with the Abacha led government feeling that would douse the tension generated by the increase in fuel prices. With time however, allegations started flying that the PTF was no more than another avenue for the Abacha administration to siphon funds.

On assumption of office in 1999, Chief Obasanjo disbanded the PTF. One of the discoveries made by the administration was that between its inception and July 1999, the funds that accrued to the PTF stood at N 181 billion. It was also found out that the Consultants appointed by the Executive Chairman of the Trust Fund, Gen Buhari constantly fleeced the country of funds running into billions.

In 2000, the Obasanjo administration set up an Interim Management Committee to take a look into the affairs of the Petroleum (Special) Trust Fund and ascertain among other things, how much has been spent by the PTF so far and what is on ground to justify the huge expenditure. The Committee the set to work and accomplished all the terms of reference by March 2000.

Obasanjo prior to the 2015 presidential election cleared Buhari of all allegations of corruption levelled against him while in office.

Read full flashback report here: http://thestreetjournal.org/2012/10/the-horrendous-ptf-fraud-how-n-25-billion-was-stolen-under-buharis-watch/

For failing to jail Bubu for at least 21 years, OBJ takes over from Awo as Nigeria worst coward ever.

GOD CONTINUE TO BLESS PMB1523

Say something sensible.

This guy has been tormenting you and your paymasters and you cannot bring up one good allegation with proof against him.

He said you should show the world his foreign houses, his foreign accounts and his properties even in Nigeria aside the one he declared.

You are there, foaming in your mouth...


PMB is bae

Billions were missing under buhari's reign as PTF boss yet he was cleared of any wrong doing? Tell that to the goats.

SLIDEwaxie:
Say something sensible.

This guy has been tormenting you and your paymasters and you cannot bring up one good allegation with proof against him.

He said you should show the world his foreign houses, his foreign accounts and his properties even in Nigeria aside the one he declared.

You are there, foaming in your mouth...


PMB is bae

which declarations are you talking about?is it the one no one sees?

Inferiority complex and urge for moral equivalency makes the insecure youth supporters of PDP reach for this FALSEHOOD all the time. Stop deceiving yourselves. There was NO looting of PTF by Buhari. There were a very few shady deals done by done some PTF officials on drug supplies to some hospitals but nothing rising to the top or Buhari.
The man contested against OBJ many times and they could have used it against him but nothing was found. OBJ himself absolved him of these issues in 2015.

Everybody should unite against corruption. If the PDP is your party and they are corrupt, fight within that party to oppose corrupt people being recycled. You need a clean party to contest against A PC. If you don't, defeat is 100% sure in 2019. Nigerians want to see new names not encumbered by corruption from PDP. This is the work for their supporters and members of the party not trying to bring Buhari down to the pit latrine that is PDP in terms of corruption perception.

It's corruption challenge time.... OBJ vs Bubu... Let the challenge begin..

Garbage!