Osinbajo knocks Obasanjo, IBB, others for wasting $982.8bn oil revenues
Written by NobleAdmin on August 28, 2018
Vice-President Yemi Osinbajo said he wondered how past Nigerian leaders, including a military dictator, Ibrahim Babangida; former President Olusegun Obasanjo and former President Goodluck Jonathan, spent the oil revenues that accrued to the country during their administrations.
According to a statement on Monday by his Senior Special Assistant on Media and Publicity, Mr Laolu Akande, the Vice-President said this while answering questions from Nigerians at a town hall meeting in Minnesota, the United States of America, on Sunday.
Osinbajo said Nigeria’s problems were not about geographical restructuring but about proper management of the country’s resources.
While relying on the Organisation of Petroleum Exporting Countries’ statistics on oil revenues accruable to Nigeria under successive administrations between 1990 and 2014, the Vice-President said not much had been done in terms of infrastructure development despite the huge oil revenues realised by the country.
Osinbajo said, “Under the IBB/Abacha administrations (1990 – 1998), Nigeria realised $199.8bn.
“Under the Obasanjo/Yar’Adua governments (1999-2009), the country got $401.1bn.
“During the Jonathan administration (2010-2014), Nigeria got $381.9bn from oil revenues.
“The question that we must all ask is that what exactly happened to resources? The question that I asked is that where is the infrastructure?
“When added together, the oil revenues that accrued to the country under IBB, Obasanjo, Yar’Adua and Jonathan amounted to $982.8bn
“One of the critical things that we must bear in mind and see is that this government, despite earning $94bn, up until 2017, we are spending more on infrastructure and capital than any previous government. So, we are spending N1.5trn on capital. That is the highest we have spent since 1990.”