“One cannot but ask what exactly does this level of brazen misappropriation of public resources symbolize? Where did all that money go? Where is the accountability for the use of these resources and the additional several hundred dollars realized from oil sale by the two administrations that have governed our nation in the last five years? How were these resources applied or more appropriately misapplied? Tragic choices.”Former Vice President at the World Bank and Minister under the Olusegun Obasanjo-led administration, Dr. Oby Ezekwesili, has revealed that both the late President Umaru Yar’Adua and his successor, Goodluck Jonathan’s regimes "squandered" $67 billion (about N11 trillion) oil money left in two separate accounts by Obasanjo.
Ezekwesili said that the two administrations squandered $45 billion (N7.065 trillion) left in the Foreign Reserve and another $22 billion (about N3.454 trillion) left in the Excess Crude Account, bringing the total amount of money squandered to about $67 billion or N10.619 trillion.
She made the revelation while delivering the Convocation Lecture of the University of Nigeria, Nsukka, UNN. She noted that Nigerians had lost dignity because of ravaging poverty arising from poor choices of the elite, corruption and lack of investment in 'proper' education.
Recalling that Nigeria had enjoyed five cycles of oil boom since independence, Ezekwesili decried the failure by the leadership to convert oil income to renewable assets through the development of human capital and other sectors through investment in foreign assets as other resource-rich countries did with their oil income.
Nigeria learnt nothing from past failures
The former minister lamented “the squandering of the significant sum of $45billion in foreign reserve account and another $22billion in Excess Crude Account being direct savings from increased earnings from oil that the Obasanjo administration handed over to the successor government in 2007."
She said, “Six years after the administration I served handed over such humongous national wealth to another one most Nigerians, but especially the poor, continue to suffer the effects of failing public health and education systems as well as decrepit infrastructure and battered institutions."
She made the revelation while delivering the Convocation Lecture of the University of Nigeria, Nsukka, UNN. She noted that Nigerians had lost dignity because of ravaging poverty arising from poor choices of the elite, corruption and lack of investment in 'proper' education.
Recalling that Nigeria had enjoyed five cycles of oil boom since independence, Ezekwesili decried the failure by the leadership to convert oil income to renewable assets through the development of human capital and other sectors through investment in foreign assets as other resource-rich countries did with their oil income.
Nigeria learnt nothing from past failures
The former minister lamented “the squandering of the significant sum of $45billion in foreign reserve account and another $22billion in Excess Crude Account being direct savings from increased earnings from oil that the Obasanjo administration handed over to the successor government in 2007."
She said, “Six years after the administration I served handed over such humongous national wealth to another one most Nigerians, but especially the poor, continue to suffer the effects of failing public health and education systems as well as decrepit infrastructure and battered institutions."
Nigerians wake up from ur sleep. How money are spent everyday by people in government yet they cant even finish one road in 5years. Weak people! Stupid leaders!!
ReplyDeleteWho installed Jonathan as President? Obusonjo! So why r ppl complaining? Next time get rid of PDP,as simple as that!
ReplyDeleteWho installed Jonathan as President? Obusonjo! So why r ppl complaining? Next time get rid of PDP,as simple as that!
ReplyDeleteis really bad all those money which they are stalling to what end.God is seen you all
ReplyDeleteBad belle less anoiting I remember when I was in Primary schOol when we had some president who r den d past head of state hoping dat in our future we too will bcome Head of state yet in our own future they stiLl want to be a head of state whithout ani morals to our physical well being as well as genral living conditn of the masses.God will judge
ReplyDeleteThat is why it is very difficult for our president to declare his asset. I wonder how many billions had added to his wealth just in five years. God will judge all of you.
ReplyDeleteGod deliver us from the hands of the evil did of our government.
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ReplyDeletewe have bn sayin dis 4 ages naija; prob is not religion or ethnicity it is rather corruption and lack of education.gej does not have anytin 2 offer dis country his place in naija hx books wld be a footnote .if e was a good material obj wld not allow him 2 be dere but thk about it was oby not dere wen obj was looting.bimbo
pls nigerian,lets wake up from sleep, why cant we try or choose a young youth to control this nation for 5 year, instead of all these old fools that are just consuming our money for nothing sake. because if young guy is there he will know how to make live better for the youth and people.
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