More than N10 trillion of Nigeria’s oil savings bequeathed by former president, Olusegun Obasanjo, to successors, Umaru Yar’Adua and Goodluck Jonathan, was “squandered”, former World Bank executive, and key minister under Mr. Obasanjo’s administration, Oby Ezekwesili, has said.
Ms. Ezekwesili led Mr. Obasanjo’s government’s remarkably successful drive at reforming government contracting procedure directed from the Due Process office. She was later named the minister of education in the final years of the administration.
Ms. Ezekwesili, now Senior Economic Adviser, Africa Economic Policy Development Initiative, said she realized how severe the nation’s education woes had been while she headed the ministry.
Her efforts at reforms failed to yield as the government soon left office.
In a lengthy presentation to graduating students who she urged to lead a new generation of change for the country, Ms. Ezekwesili painted the well-known sobering picture of Nigeria’s decades of oil wealth and how each administration since independence has not been an exception at wasting them through “tragic choices”.
“Neither our thirty four years of cumulative military governance nor the nineteen cumulative years thus far of our democratic governance provided us “inclusive and accountable governance,” she said.
“Instructively, a person or as in our own case; a nation is counseled to “stop digging when in a hole”. Lamentably, in our case we have consistently rebuffed the wisdom behind that counsel. We have instead dug deeper and the more we have dug, the deeper into the hole we have sunk and all because of political misadventures.”
The Yar’Adua and Jonathan administrations have been accused in the past of squandering Mr. Obasanjo’s savings, and Mr. Jonathan has particularly been accused of returning the country to debt with repeated borrowings.
Mr. Obasanjo’s administration’s saved funds started getting depleted soon after 2007; yet, no major new roads, rails, power infrastructures or job creation initiative have been cited as investments justifying the amount.
Critics have accused the Jonathan administration of using part of the money to execute the 2011 elections, allegation Mr. Obasanjo himself, faced during the 2003 and 2007 elections.
A new law has recently converted the Excess Crude Account to Sovereign Wealth Fund, potentially limiting access to its value, but governors insist accumulated oil sales differentials be shared.
SOURCE:
www.youthrepublicofnigeria..com

Story.....no be only 10 trillion na 200 trillion.obasanjo can not leave such money jari....kettle calling pot black

Obj, GEJ arent they the same? Obj's 11years wasted. GEJ's 3years of waste and still counting. I still dont understand why in abundance of scare resources the looters/leaders in govt still find it impossible to make a mark.

While I sat in the auditorium, listening to her convocation lecture, I began to do some mental calculations to convert 10trillion naira to dollars and I realised how wicked, myopic and reckless how Leaders are.But then suddenly I stopped short of raining curses on the peaceful soul of Yar'Adua and on the (confused) head of GEJ when i realised that is OBJ that she was referring as ' the saver of 10trillion naira'. Until now i doubt if the respectable former World executive got her facts right. (No disrepect)
OBJ saved 10trillion without atleast looting 79% of it. I pray o

As arrogant and overbearing as OBJ is, he did a very good job considering where the nation was.

He acted like a president should taking the heat for failure, something the current administration shy from.

They now sound like Abacha blaming NADECO for everything, this time it Boko Haram.

OBJ had the best fiscal policy GEJ will just have to take responsibility for everything like putting the country back into debt ill oil price is still high. What will happen if price gets to $65?

sultaan: As arrogant and overbearing as OBJ is, he did a very good job considering where the nation was.

He acted like a president should taking the heat for failure, something the current administration shy from.

They now sound like Abacha blaming NADECO for everything, this time it Boko Haram.

OBJ had the best fiscal policy GEJ will just have to take responsibility for everything like putting the country back into debt ill oil price is still high. What will happen if price gets to $65?

Very ignorant comment.

Please enlighten me, what am I missing

Obasanjo left such and such behind is what we hear around! But we would like to know how much was WASTED by Obasanjo's government! Even Abacha despite his human rights violations he still managed the economy better than Obj! They should leave Jonathan alone to work

sultaan: Please enlighten me, what am I missing

Missing? Well you are missing a lot of FACTS BEHIND THE FIGURES when it comes to assessing Obasanjo's government! Indeed, you are IGNORANT

there is a yoruba saying! Omo ti a ko ba ko ni o ma gbe ile ti a ko ta.(it is a refused to be cultured/trained by the parent that will sell the house of the parent)
what does one expect from a president that feels a governmental position is an avenue to relieve oneself of the childhood lack of shoes(GEJ) and treat a personal health issues(Yar adua)

tomakint: Obasanjo left such and such behind is what we hear around! But we would like to know how much was WASTED by Obasanjo's government! Even Abacha despite his human rights violations he still managed the economy better than Obj! They should leave Jonathan alone to work

Who is holding him back?

tomakint:
Missing? Well you are missing a lot of FACTS BEHIND THE FIGURES when it comes to assessing Obasanjo's government! Indeed, you are IGNORANT

You have not said anything to enlighten anybody either, a classic GEJ mud throwing antic not to clear up issues but discredit those who question their failures.

Your belly might be full from the money they are paying you now but your soul is famished.I'm very sure you are proud to be your master's guard dog, and that is what you will always be; nothing more.

Minister for Information, Labaran Maku, replies 'Madam Due Process', Obiageli Oby Ezekwesili - "We also found Mrs. Ezekwesili's interrogation of the educational system somewhat disingenuous and borderline hypocritical. During her tenure as Minister of Education between 2006 and 2007, she collected a total sum of N352.3 billion from direct budgetary releases. In addition, she received about N65.8 billion under the Universal Basic Education Commission (UBEC) Fund, and over N40 billion from the Education Trust Fund (ETF) during her time as Minister of Education. In view of these humongous allocations, a few legitimate questions arise. What did she do with all these allocations? What impact did it have on the education sector? One wonders if our educational system would have been better today if these allocations were properly applied" - Labaran Maku, Information Minister.

Hmmn........E be like say this Labaran 'Fe Ku' oh. Anyway, Madam Due Process, over to you. Make you tell us wetin you do with N352.3billion. I am sure that you didn't spend it on 'cassava bread' and tombo liquor.

sultaan:

You have not said anything to enlighten anybody either, a classic GEJ mud throwing antic not to clear up issues but discredit those who question their failures.

Your belly might be full from the money they are paying you now but your soul is famished.I'm very sure you are proud to be your master's guard dog, and that is what you will always be; nothing more.

Are you a Mallam?

tomakint:
Are you a Mallam?

The point is that a member of the team that did a wonderful job on Nigeria's finance is questioning the current administration on its financial policies considering that the oil futures look bleak now with the US getting oil from Canada, Nigeria will have to depend on strong demand from China and India.

Nigeria should prepare for a period of $60 or less per barrel unfortunately the period of $120+ per barrel brought gain that were squandered.

sultaan: As arrogant and overbearing as OBJ is, he did a very good job considering where the nation was.

He acted like a president should taking the heat for failure, something the current administration shy from.

They now sound like Abacha blaming NADECO for everything, this time it Boko Haram.

OBJ had the best fiscal policy GEJ will just have to take responsibility for everything like putting the country back into debt ill oil price is still high. What will happen if price gets to $65?

How ignorant can one be?? What are yr parameters for Fiscal Responsibility in any economy?

sultaan: Please enlighten me, what am I missing

OBJ had the best fiscal policy? How?

Simply by not running a deficit.

Government was spending less than it was making while infrastructures were still being fully funded.

When was the last time due process was mentioned recently? or how did you think we got into this subsidy mess?

tomakint: Obasanjo left such and such behind is what we hear around! But we would like to know how much was WASTED by Obasanjo's government! Even Abacha despite his human rights violations he still managed the economy better than Obj! They should leave Jonathan alone to work

Insanity.

J12:

OBJ had the best fiscal policy? How?

Nigeria was not owing when Obasanjo left. And he left over 30 billion dollars in reserve.

demmy:

Insanity.

insanity is just an understatement!

demmy:

Nigeria was not owing when Obasanjo left. And he left over 30 billion dollars in reserve.

hammer it to their hearing

demmy:

Insanity.

Dende listen, I did not make that up, the late Professor Sam Aluko, even Gen Buhari accede to that fact that despite all the sanctions launched at Nigeria left, right and centre he still managed the economy better well, make use of your google search engine for more revealing facts on the issue, don't die in your ignorance and stop venerating Baba legba on top nothing some of us know better, this is not a beer parlour son

Tolexander: insanity is just an understatement!

The pooh-eater will always eat any pooh presented to him as usual!