* Alleges unwise borrowing by Okonjo-Iweala || • Says U.S. crashed oil price on purpose


THE Presidency on Monday angrily reacted to former President Goodluck Jonathan’s claim that he left a healthy economy at the end of his administration, saying that the former president has nothing to show as achievements.

Senior Special Assistant to the president on media and publicity, Garba Shehu, in response on Monday to the assertions made by Jonathan during the Saturday national convention of the Peoples’ Democratic Party (PDP), said in a statement that Jonathan handed over an economy ravaged by years of corruption and mismanagement.

He said: “It is understandable that Dr Jonathon kept his comments short, because a cursory look at any sector clearly indicated that he and his Government presided over the most monumental and tragic economic mismanagement recorded in our national history.”

“The oil sector boomed under his tenure, with oil prices as high as US$ 120 and peace in the Nigeria Delta.

Nigeria earned unprecedented dollar revenues. Sadly, that is where the story turns sour.”

“There is nothing to show for the revenues earned, no major capital project was completed, neither power generation, road development, rail or agriculture benefitted from the windfall earnings.”

“Rather the administration presided over the diversion of oil revenues on a such a massive scale, that even without the protection now accorded to whistle-blowers, the then Central Bank Governor blew not only a whistle but a trumpet. He was hurriedly shown the door.”

“Meanwhile, the acquisition by public officers and their cohorts of private jets, luxury yachts and the accumulation of expensive property portfolios world-wide continued unabated.”

“Indeed the President once celebrated having the largest number of private jets, whilst our youth languished without jobs, our fields stood idle and our factories began the layoff of workers.”

“Government simply reticulated oil revenue through personal spending by corrupt leaders, wasteful expenses and salaries. This was done rather than investing in what would grow the economy.”

“Economies grow due to capital investment in assets like seaports, airports, power plants, railways, roads and housing. Nigeria cannot record a single major infrastructural project in the last 10 years. In short the money was mismanaged.”

“Such was the looting that even the goose that was laying the golden egg was being systematically starved.

The direct contractual costs of oil produced, in the form of cash calls, remained unpaid.”
The presidential aide noted that incoming Buhari’s administration was confronted with a demand for US$6billion owed by Nigeria for oil that had already been sold or stolen.

He said at the inception of the current administration, 21 States were unable to meet their salary bills and the spectre of workers arrears had commenced.

The statement added: “The PDP solution was the raid the Ecological Fund and selectively grant N2Bn each to the PDP States.

*On unwise borrowing by Okonjo-Iweala


The statement alleged that former Minister of Finance and Coordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala, resorted to aggressive borrowing to manage the economy.

The statement added: “It was only aggressive borrowing by the Ministry of Finance under Dr Okonjo- Iweala that prevented Federal Government from also owing salaries.”

“The economic wisdom of borrowing to pay recurrent bills is a questionable one, particularly as those paid would have included over 45,000 that have subsequently been removed by the Buhari-led administration as ghost workers.”

“It also included the lavish costs of chartering private jets, first class travel and other wasteful acts that have been eliminated under this administration.”

“To compound the problem the government was borrowing heavily and owed contractors, and international oil companies. When this government took over we had accumulated debt back to the level it was before the Paris Club Debt Forgiveness.”

“All these factors were building up to Nigeria heading for a major crisis if the price of oil fell. Nigeria did not have fiscal buffers to withstand an oil shock.”

*On the U.S. crashing oil prices on purpose

The statement similarly alleged that the United States of America deliberately crashed oil prices as it attempted to cut off funding for terrorist groups, adding that the obvious warnings were ignored by the Jonathan administration.

According to the Presidency, “The oil shock should and could have been foreseen. When Islamic State of Iraq and Syria, ISIS crisis started, it was clear that the United States of America wanted to cut off funds to terror groups by crashing the price of oil.”

“When America granted permission for exploration of oil on land (Shale) the warning signs were evident, but these were ignored by Nigeria’s economic managers.”

“In summary Nigeria earned a lot of money when oil prices were high but there is nothing to show for it.”
“Now oil prices have fallen we are suffering.”

http://www.tribuneonlineng.com/youve-got-nothing-show-achievements-presidency-tells-jonathan/

It pained them. Let them wait till 2018. Campaign will soon start.They will cry well well

shameless people!

what are the features of a healthy economy?

when the citizen of a country no matter the class can afford 3square balanced meals a day, that's all

we enjoyed it during Jonathan's regime

my people with the way this APC govt is ruling us can you say every citizen of Nigeria can afford 3 square balanced meal a day?

click like for a NO

share for a YES

Both the accuser and accused are the same. PDP, APC all of them are failure.
Nigeria is doomed and hopeless. Even Syria and Yemen are better than Nigeria.

Lov

What achievements has "presidency" got? A good spokesperson would list them out if any

God, we thank you for being patient.

Now, I understand why God regretted creating humans.

Even Satan didn't lie like this before being sent away.

Ogbeni Garba Shehu, shut up and tell your cohorts to stop the blaming game and find ways of cleaning the mess that you have all plung the economy into.

The current government noticed we noticed that they noticed we've noticed that their Lies are noticeable to all.

GEJ the worst president Nigeria ever had, he's so lucky this is Nigeria if not he should be cooling his black ass in a dungeon somewhere

If there is honour amongst thieves GEJ and his gang in the PDP should have hidden their faces in shame and retribution for squandering our gain during the era of plenty. But this is Africa particularly Nigeria where honour have no place among the people.

As for me and my household, it is better we give our votes to demon in Hades than giving it to a party that has raped us of our obvious democratic dividends over the years....... For PDP not again.

aolawale025:
What achievements has "presidency" got? A good spokesperson would list them out if any

Aufbauh:
If there is honour amongst thieves GEJ and his gang in the PDP should have hidden their faces in shame and retribution for squandering our gain during the era of plenty. But this is Africa particularly Nigeria where honour have no place among the people.

As for me and my household, it is better we give our votes to demon in Hades than giving it to a party that has raped us of our obvious democratic dividends over the years....... For PDP not again.

What jokers are these presidency people ni tori olorun? They have forgotten that Jonathan resurrected the railway lines. kaduna - Abuja railway line was built under him. GEJ used that same train to campaign in the north... kilode.

Good luck has his flaws but in terms of achievement, he did a lot in all sectors simultaneously.

And what has APC got as achievement to show Nigerians, Deceit, Hardship, lies, dwindling Economy, the more you look the less you see etc these Conglomerate are The Devil themselves

politicians using the lives of Nigerians to play ludo since 1960.

Gej d ineffectual Buffon, Mr stealing is not corruption.

CJERRYEMILEX:
And what has APC got as achievement to show Nigerians, Deceit, Hardship, lies, dwindling Economy, the more you look the less you see etc these Conglomerate are The Devil themselves

We have over 12countries in recession right now and do u know d funny thing about those countries Most of dem are oil producing countries. Dey made so much money from d sale of crude @ $120 per barel but instead of investing big time in their countries (like d UAE, Kuwait; Norway, Saudi Arabia), their leaders looted their money.
GEj was in d best position to improve dis country cos so much forex/monies were made under his administration, d price of crude oil was @ its peak ($120 per barel) but GEJ supervised d massive looting of our money by his fellow gang of looters.
Our economy during GEJ time was only looking gud den cos of d price of crude oil and as soon as d price of crude oil fell way back 2014, our economy fell badly. States (24 of dem) cudn't meet up wt salaries dat even FG had to borrow to pay salaries of Federal workers, dat was were our predicament started from or u have forgotten Okonjo iweala AUSTERITY MEASURES (it meant time for suffering).
Now Obasanjo has told us times witout number dat he left a total of $40B in our forein reserve n excess crude acnt (crude oil den was sold for $80 per barel) despite d fact dat some governors took him to court but GEJ @ $120 per barel had no savings wit a flimsy excuse dat some governors took him to court.
So u shud be greatful to God for giving us PMB, cos ur present hardship wud ve been a childs play. PDP under GEJ wud ve made us look like Venezuela, dey pick food from d dust bin over der despite d fact dat dey made so much money from d sale of crude oil ($120perbarel). Just like GEJ, Maduro and his gang of looters wrecked and dey are still wrecking dat country. Personally i do pity for PMB cos he has gud plans but wit d price of crude oil @ less dan $50 per barel, i don't expect him to perform magic. PMB bail out fund has helped many states workers even d N-Power program is far better dan GEJ Sure-P abi na Sure-Looting.
GEJ was a bad luck to us, he lead us into dis suffering and d ineffectual Buffoon still has plenty muumu pple singing his praises. What a tcountry!!!

dear Garba Shehu and co, you can't force all Nigerians to be stùpid. There are 15 million dedicated zombiés for that (though the number is rapidly falling) This your sorry excuse of a statement is non factual and looks more like grasping hot air. Gej listed his achievements which were commended with proof both home and abroad, list your despot's own achievements for the past two years (pls don't add Daura helipad, murdering of unarmed and innocent Nigerians by security agencies, blatant nepotism in govt parastatals, incompetent cabinet members etc since we know those ones)

PS, Reno Omokri has already replied you so no need for back and forth. The govt you represent is a disgrace and disaster, just take your L quietly and lick your wounds

The moment you start seeing APC and PDP and as same thing. That is your First step to political freedom. Same set of people operating with different brand name.

No facts.... just insults.... Nigerians are wiser..

Is this what you would tell us at the presidential debate?

SirJeffry:
Good luck has his flaws but in terms of achievement, he did a lot in all sectors simultaneously.

My brother we all need to wise up n grow up;
GEJ did nothing, he was only paying salaries + massive looting aswell. Der was so much forex/money coming into d country @ dat time dat we didn't feel d massive looting going on. But as soon as d price of crude oil fell, Nigerians started feeling d heat.
GEJ had a terrible ECONOMIC TEAM, even OBJ had a better team compared to GEJ.
GEJ economic team cud not revamp any of our three refineries and even build two more with d price of oil @ $120 per barel.
GEJ economic team cud not revamp our Educational sector rather dey created eleven more substandard univesities adding to d already dying ones.
GEj economic team cud not revamp our agricultural sector so dat we cud be self sufficient as a nation especially in rice production. PMB had to close land boarders and with d new CBN anchor borrowing scheme many states/individuals are now into rice farming even d price of rice is gradually coming down. Many rice whare houses in Thailand were forced to close and their workers loosing their jobs cos of PMBs rice policy.
GEJ economic team cud not revamp our health sector dat even PMB ran to London with gud health system.
GEJ economic team performed poorly interms of Capital project/ infrastructures cos most of our roads are still death traps wit oil @ $120 per barel.
What about his region, Niger Delta, his economic team abandoned dem or is it d Bokoharam ravaged North east, his economic team looted d funds meant to buy arms.
If u are looking for a country with gud Economic team den visit d UAE and see how quality economic team turned a desert to a tourist hub.
GEJ/Economic team were a disaster.

Truth be told, it is wrong and unfair to blame Okonjo iweala for anything. She acted in the best interest of the country.

Let us just call Okonjo Iweala back to be a part of the economic team, everything will be much better after that.

Nothing bothers me more than a set of people who cannot take responsibilities for their actions. Okonjo Iweala time in the office was well spent; any challenge been faced now is not because of Okonjo Iweala, it is because of the current team who cannot manage the economy.

Okonjo Iweala took tough decisions in order to help sustain and grow the Nigerian economy, she should be applauded not crucified.

It makes no sense to still be playing the blame game at this point in time. Obviously Okonjo Iweala had done much more than anyone has been able to do after she left the office.

SeyeTiamiyu:
Nothing bothers me more than a set of people who cannot take responsibilities for their actions. Okonjo Iweala time in the office was well spent; any challenge been faced now is not because of Okonjo Iweala, it is because of the current team who cannot manage the economy.

if only this administration listen but sai baba chanters will not?

We need a united nation, not a nation that apportions blames. Okonjo Iweala did her best as the finance minister, let us leave it has that.

Those crucifying Dr Iweala, I don’t think they are doing as well as Okonjo Iwela has done in their current positions.