Femi Fani - Kayode Compares Obasanjo's administration and that of Jonathan

When President Olusegun Obasanjo was in power we spent 300 billion per year on the fuel subsidy. Under the administration of President Goodluck Jonathan it shot up to 1.3 trillion naira in the last one year alone. Can someone please explain to me how it got so high in 4 years and what exactly they were subsidizing with the extra one trillion naira? 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, our country is back in debt to the tune of 41 billion dollars (both foreign and domestic) and we are still borrowing. Can someone please tell me what the loans were used for and whether we will ever be able to pay them off? When the Obasanjo administration left power in 2007 our foreign reserves were 80 billion dollars even though when he came into office in 1999 we only had 1.5 billion dollars.

Today our foreign reserves have dropped from 80 billion dollars in 2007 to 33 billion dollars. Can someone please tell me where all the money went? 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 we do not have one dollar left in that account because the money has been squandered and the account scrapped. Can someone explain to me who spent that money and precisely what it was spent on? By the time the Obasanjo administration left power in 2007 not one bomb had gone off in Abuja throughout his 8 years in office and neither did we shy away from confronting the evil and dealing a hard blow to the terrorists wherever and whenever it was necessary to do so. Today bombs go off at will all over the north, the President hides in the Villa and churches were targeted.

Who Will Deliver Us From This Goodluck?
By Femi Fani-Kayode

Posted: at 4-01-2012 10:25 AM (12 years ago) \| Gistmaniac

Femi Fani - Kayode Compares Obasanjo's administration and that of Jonathan

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