$35 Billion Foreign Reserve Mismanaged - Obasanjo


Former President Olusegun Obasanjo, at the weekend, lampooned the squandering of $35 billion he left in Nigeria’s foreign reserve in 2007 when he left office, saying the country’s leaders and people need to be prudent to get out of its economic woes.
The elder statesman, who spoke at his invest
iture as the First Grand Patron of Nigeria-China Business Council (NCBC) held at the Golden Gates in Lagos, said Nigeria should borrow a leaf from the Chinese economy that is designed for sustainable growth and development.

According to him, “whether the money disappeared, or like the governor said it was shared, the fact remains that $35 billion disappeared from the foreign reserve I left in office. I said it before that before the middle of the century China will rule the world.

There is nothing anybody can do about it. They have what it takes; the dedication, population, technology, the will. Every six to seven years the economic growth will double again.
“When we left that money, we thought we were leaving it for the rainy day. But my brother said the rain is falling now. The fact is that when the rain is falling we will have nothing to cover our heads because we have blown it off. The Chinese do not think that way.”
Obasanjo lamented that while the Chinese were busy building their country, Nigerians and their leaders are busy taking and bringing down the economic growth.

“While Europe is wobbling and fumbling; thank God for that, America since 2008 has not come out of economic recession. I doubt if it will not affect Obama’s second tenure,” he said.
The ceremony was attended by the Delta State Governor, Dr Emmanuel Uduaghan, the Minister of Culture and Tourism, Edem Duke, and his Foreign Affairs counterpart, Ambassador Gbenga Ashiru.

Source: http://www./2011/11/20/obasanjo-35-billion-foreign-reserve-mismanaged/

http://www.sunnewsonline.com/webpages/news/national/2011/nov/20/national-20-11-2011-005.html

See who is talking

Quote: "“While Europe is wobbling and fumbling; [size=14pt]thank God for that[/size], America since 2008 has not come out of economic recession. I doubt if it will not affect Obama’s second tenure,”

That's all they know to do - appraise how well powerful countries are doing.

This is the same man who had the opportunity to hand-over power to those who will carry-on the good work they started under his tenure, but [size=14pt]chose to make Nigerians hostages to the clueless pair of Yar'adua and Jonathan[/size]. And to think those two were supposed to be improvements on Shagari and Ekwueme!!!!!!!!!!!!!!!!!!!!

And what is the meaning of thanking God for the wobbling and fumbling of Europe?

the $16 Billion dollars he squandered on power in the eight years he was in office, what has he got to show for it.

Perfect case of Kettle calling pot black,

THE BEST OF ALL. I SALUTE.

koruji:

Quote: "“While Europe is wobbling and fumbling; [size=14pt]thank God for that[/size], America since 2008 has not come out of economic recession. I doubt if it will not affect Obama’s second tenure,”

That's all they know to do - appraise how well powerful countries are doing.

This is the same man who had the opportunity to hand-over power to those who will carry-on the good work they started under his tenure, but [size=14pt]chose to make Nigerians hostages to the clueless pair of Yar'adua and Jonathan[/size]. And to think those two were supposed to be improvements on Shagari and Ekwueme!!!!!!!!!!!!!!!!!!!!

And what is the meaning of thanking God for the wobbling and fumbling of Europe?

Our poverty in Africa is tied to the prosperity in europe,he knows what you dont know.And he his saying what you dont understand.

What was he saying that I don't know, and you know enough to say so? How is Africa's poverty tied to Europe's prosperity - except you want to beat the glaring issue of slavery over again.

It should occur to you that China is a "worse" slave owner than Europe. But what does OBJ care, he has always found a job as a house-slave and that is exactly what he is doing right now. It is not the place of a "slave" to side with one owner or the other - he should be seeking his own freedom.

So, spare me the "hidden wisdon" argument. The works of our leaders and the extent of their "wisdom" are there for all to see.

olas2u:

Our poverty in Africa is tied to the prosperity in europe,he knows what you dont know.And he his saying what you dont understand.

Do you explore you oil by yourself or the multinationals do it for you?

QUESTIONS:

What has WHO EXPLORES THE OIL to do with anything? Must we DO IT ALL FOR OURSELVES before we can get our acts together Is that how it works in other prosperous/developing nations out there, example Brazil?  Are all the companies/half of the companies in Brazil even owned by Brazilians?

RICHIE BOI:

the $16 Billion dollars he squandered on power in the eight years he was in office, what has he got to show for it.

You need to update yourself. Even the follow up stories on the $16B power story are stale already.


@ topic.

While we crucify obj ( and I have no problem with that) let's not loose focus on his message.

you left a monkey in the drivers seat and you're complaining that the car is about to crash?

Kobojunkie:

QUESTIONS:

What has WHO EXPLORES THE OIL to do with anything? Must we DO IT ALL FOR OURSELVES before we can get our acts together Is that how it works in other prosperous/developing nations out there, example Brazil?  Are all the companies/half of the companies in Brazil even owned by Brazilians?

who does not know you,agent of undevelopment,all your coments i have read many times are alway similar,Brazil as a world class company that explores its oil called petrobraz they are not reaped off.They refine ,the ship ,they bank the money in brazil.

Thats what you get when Retarden is President

Squandered by who?

Gej should have just continue to increase the money ,but they are using the money,it was good obj mentioned it atleast  people around gej will not say such a thing

olas2u:

who does not know you,agent of undevelopment,all your coments i have read many times are alway similar,Brazil as a world class company that explores its oil called petrobraz they are not reaped off.They refine ,the ship ,they bank the money in brazil.

I know the portion in bold is directed at your person and your family so I will not bother commenting on that bit. Now, tell us what you really know of Petrobraz, since you seem to believe it is wholly controlled/owned by Brazilians. Also, is that the only oil company in Brazil?

Odechuckwu retardeen over to you. Tackle the message of Baba.

so

Demdem:

Odechuckwu retardeen over to you. Tackle the message of Baba.

somebody asked why obj thank GOd for the european crisis,And i said he obj knows what he does not know,since obj as been there 2 times .Lets tackle the message cheers

Always insulting one another

olas2u:

Our poverty in Africa is tied to the prosperity in europe,he knows what you dont know.And he his saying what you dont understand.

Above is one of the reasons why Africa is under developed. I guess its europeans that mis-managed the $35 billion and prepared Nigeria's budget allocating over 70% for recurrent expenditure,

oyb:

you left a monkey in the drivers seat and you're complaining that the car is about to crash?

Thank you my bro. The two leaders we've had after OBJ were directly installed by him. So who exactly is he blaming for the squandermania?

OBJ share the biggest part of the blame.

this man really makes me sick - why doesnt he tell us why he and that other fool okonjo iweala handed over $30billion of our foreign reserves to the paris club for a purported debt that we paid off tenfold years ago?

Obasanjo is still my favorite Persident of all time in Nigeria.

And he did what he thought was best for Nigeria and knowing him, he achived it baring the circumstances he faced then in mind. I still think and feel thet Yaradua (God bless his soul) would have been a very good president had it not been for his ailment.

But then! Obj may also want to look around and see that infrastructural development is going on around the country. Atleast on a Federal government level.

cap28:

this man really makes me sick - why doesnt he tell us why he and that other fool okonjo iweala handed over $30billion of our foreign reserves to the paris club for a purported debt that we paid off tenfold years ago?

Cos when you owe money, you pay!

Okija_juju:


Cos when you owe money, you pay!

not if you've already paid it back tenfold!

many of us Nigeria don't value what we have on till will loose them, If OBJ was around who born BH, or OBJ should have allow Atiku and this Northern born to kill to finish US, I think baba did the right thing then, I hate him when he was in power but now i can see the difference.

cap28:

not if you've already paid it back tenfold!

The truth was that loan was secured by selfish and thiving politicians who were thinking of personal gains as against the interest of the nation hence going into a contract that enslaved us. It was either we keep financing a bad loan or pay it off once and for all and cut our losses and I think he did the right thing.

Its just like the Bakassi Penisula case. The Hague had already ruled in favour of Cameroun and fighting it would have been like fighting a lost cause so he just gave them the Land and moved on.

Now I think we should be focused on the fact that our reserves are depleting and find out if it was for a good cause and the economic implications for us , rather than sing the usual anti-Obasanjo songs that we are all used to.

omo9ja1:

many of us Nigeria don't value what we have on till will loose them, If OBJ was around who born BH, or OBJ should have allow Atiku and this Northern born to kill to finish US, I think baba did the right thing then, I hate him when he was in power but now i can see the difference.

I have nothing but love for Obasanjo. A true Patroit.

@ cap28 = not if you've already paid it back tenfold!

You know Nigerian leadership is terrible at keeping records (so they can chop and clean mouth like nothing happen). So, how can you claim that you've paid for it tenfold when you can't prove it? I think what nigeria was paying was the high interest payments that came with different loans.

If 35billion dollars was mismanaged,how do you expect nigerians to trust the government on excesses from fuel subsidy removal.oya oga jonathan reply the general

@ okija-juju. You beat me to it. I think your response to a lot of issues is always on point. When r u coming back to Canada? We dey expect you soon.

He has a point. However, as has been pointed out, he too has made the error of wasting $16 billion on the power sector with nothing to show for it.