By Babajide Komolafe

LAGOS—Governor of Central Bank of Nigeria, CBN, yesterday, said the country never had up to $67 billion as external reserves, adding that the highest level of reserves attained by the country was $62 billion.

He said this at the Metropolitan Club Luncheon in Lagos, in reaction to the recent debate over the nation’s external reserve between the Federal Government and former Minister of Education, Dr. Oby Ezekwesili.

The former Minister had said that the Federal Government, under former President, Yar’Adua and President Goodluck Jonathan had wasted external reserves of $67 billion saved under the Obasanjo’s administration.

Commenting on debate, Sanusi said: “First, let us talk about the numbers. Nigeria never had $67 billion of reserves in its history. The highest level of reserves was $62 billion under late President Yar’Adua.

“There is also a certain truth to a basic proposition that if we saved money when oil price was high, it is expected that when oil price crashes, we would de-save.

“Look at Germany, US, UK, after the crisis. They all had huge deficits. So our incurring of deficit was a reduction in reserves.

“Now having said that, no one can deny that between 2010 and 2011, when oil price was going up, we should have saved more than we actually did and we spent more than we ought to. As CBN Governor, I spent the whole of those two years talking about fiscal leakages.

“We cannot deny that there is need for serious governance review of transparency and accountability in the oil sector.”

Source: http://www.vanguardngr.com/2013/03/nigeria-never-had-67bn-external-reserves-sanusi/

''Making a Chicken (Yar'adua) and then a Rat (GEJ) the CEO of this cheese factory (Nigeria) is one hell of an unpardonable sin OBJ committed''

earthgreeners: ''Making a Chicken (Yar'adua) and then a Rat (GEJ) the CEO of this cheese factory (Nigeria) is one hell of an unpardonable sin OBJ committed''

and your point is?

Eke e e!
Gunshot!
What do your expect from a man that believes being in power is a solution to to forget his lack of childhood shoes.

noblezone: and your point is?

GEJ is a rat in this our cheese factory.....OBY was right....

GEJ a rat in cheese factory? hehehehehe I can't laugh enough oooo... Mods abeg abeg abeg!!! Ban me oooo.... Maybe that will help stop me.

Who cares. How much did IBB and Abacha save during their time?

Sanusi my main man! He nor dey send whose ox is gored!

causewahala: Sanusi my main man! He nor dey send whose ox is gored!

The man is so plain...he fires his shot to any angle

confusion247: Who cares. How much did IBB and Abacha save during their time?

dem b d same

Kk.He knows his Tenure will not be renew.Don't worry,senoir Boko Haram,pls,self distruct.

So Oby is right.

Wind don blow faul nyash. Now dem Okupke go attack this man left right and center.