Nairaland Forum

Democracy so far: It still is a mystery how the cost of subsidy shot up to 1.3 trillion naira in just one year of President Goodluck Jonathan's administration, especially since ex-President Olusegun Obasanjo's administration spent 300 billion Naira per year. When the Obasanjo government left power in 2007, the country was no longer in debt and the 30 billion dollar foreign debt that Obasanjo met when he came to power in 1999 was fully paid off. Today, under the administration of Jonathan, the country owes debt to the tune of 30 billion dollars and is still borrowing. Foreign reserves have been depleted from 80 billion dollars during 80 Obasanjo administration to 33 billion dollars under the administration of President Goodluck Jonathan. When the Obasanjo administration left power in 2007, 23 billion dollars was left in the Excess Crude Account after he built it up from nothing in 1999. Today, the account is empty because the money has been squandered and the account scrapped. In the 2012 budget, President Jonathan allocated 1 billion Naira for his feeding and several other wasteful statehouse expenditure running into several million dollars. Money allocated for feeding the presidential family was a reported 300 million naira. Occupy Nigeria