Nigerian Extractive Industries Transparency Initiative, NEITI, has accused former Presidents, Olusegun Obasanjo, late Umaru Yar’Adua and Goodluck Jonathan of wasting over N70trillion during their respective administrations.

The Executive Secretary of NIETI, Mr. Waziri Adio made the disclosure while addressing the Senate Committee on Federal Character and Inter-Governmental Affairs during an oversight visit to his office in Abuja.

Adio said the over N70 trillion represents earnings from sale of crude oil and gas between 1999 and 2014.

According to Adio, Nigeria needs to develop a prudent way of spending, or the country may be in for rough times ahead.

Activist lawyer, Femi Falana recently quoted NEITI as saying some oil companies and NNPC are owing the Federal Government a total of $20.2bn.