The international watchdog, Transparency International, has asked President Goodluck Jonathan to step up fight against corruption in Nigeria and fulfil his promise of ensuring full investigation into the “missing” $20 billion oil revenue.

The suspended governor of the Central Bank of Nigeria, CBN, first blew the whistle on the “missing” $20 billion which represents proceeds from oil which ought to have been remitted into the federation account domiciled in the bank by the Nigerian National Petroleum Corporation, NNPC.

Transparency International chairperson, Huguette Labelle, said to win against corruption, Nigeria needs effective oversight institutions and no impunity for corruption.

“Missing revenues are depriving Nigerian citizens of a fair share of this wealth that could go to improving health, education and creating employment for the youth. The government owes it to the people of Nigeria to investigate this fully and hold to account those responsible,” she said.

The Nigeria Extractive Industry Transparency Initiative, NEITI, has alleged too that the NNPC owes the government $ 8.3 billion in oil revenues for the years 2009-2011.

The organisation also calls on the federal government to move quickly to pass the much-awaited new oil law which could help deliver greater transparency and accountability in the country’s oil sector for the benefit of all citizens.

Nigeria is pumping an average of 2 million barrels of cruse oil per day, but despite being Africa’s largest oil producer, the country has some of the lowest human development indicators in the world. Life expectancy is only 52 years and 85 per cent of the population live on less than US$2 a day.

President Jonathan pledged zero tolerance to corruption when he took office in 2011 but a wider population of the country thinks that corruption has increased since his assumption into office.