Former President Olusegun Obasanjo has said the country is currently facing economic problems due to the failure of the Goodluck Jonathan administration to plan for a rainy day.
He told Iyalodes and eminent women leaders from the South-West, who visited him at his Hilltop residence in Abeokuta, Ogun State, that the nation’s reserves which as of 2007 stood at $67bn had been depleted by the Federal Government.
The former President was responding to a call by the delegation led by the Iyalode of Yorubaland, Chief Alaba Lawson, and the Iyaloja General of Nigeria, Chief Folashade Tinubu-Ojo, to lend his voice to the socio-economic crisis rocking the country.
Stressing that the country did not deserve the situation it currently finds itself, Obasanjo vowed that he would not keep quiet until the right things were done.
He said, “When I was leaving office about eight years ago, I left a very huge reserve after we had paid all our debts.
“Almost $25bn we kept in what they called Excess Crude Account, it was the excess from the budget we were saving as reserve for a rainy day.
“When we left in May 2007, the reserve was said to have risen to $35bn. But today, that reserve has been depleted.
“After paying our debts which was about $40bn, including debt forgiveness, the remaining (debt) was not more than $3bn. “Our reserves after we had paid off these debts amounted to about $45bn. As I said, they continued to rise till the end of 2007. I heard that the reserves increased to almost $67bn before the end of the year.
“Our reserves now, I learnt, stand at only $30bn.”
Although he noted that the slump in oil price would naturally have a negative impact on a monolithic economy like Nigeria, Obasanjo said that “ anyone who is wise enough should know that since we depend on just one mineral resource and since we have no control over its pricing, we should be planning for this type of situation we currently find ourselves and the way out of it.”
The former President lamented that “our inability to have healthy reserves had brought us to “this economic quagmire.”
He added, “A leader must be forward-looking and plan ahead. At the beginning of last year, the budget was based on $78 per barrel. That year, the Federal Government spent more on recurrent expenditure and a little on capital expenditure.”
Obasanjo also pointed out that the devaluation of the naira had unleashed other consequences on the economy.
He rated the Jonathan administration as colossal failure, grounded by ineptitude.
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Posted: at 6-01-2015 09:49 AM (10 years ago) | Addicted Hero
Na una sabı....as for me nd my famıly we look up2 GOD 4 daıly bread no nıja....ı wıll lıft uP my eyes unto D hılls from whence cometh my help cometh from d LORD who made heaven nd earth
Posted: at 6-01-2015 12:02 PM (10 years ago) | Hero
Onyibochukwu at 6-01-2015 03:32 PM (10 years ago) (m)
one baba that sales bread in my area when he started getting older if you buy bread and give him one thousand naira he will give you change of one thousand two hundred naira, miscalculations. thats baba's problem.
Posted: at 6-01-2015 03:32 PM (10 years ago) | Upcoming
Nigeria is sinking like a ship in the ocean, True Nigerian government was busying promoting every military army to high rank major general buying army uniform that every army will be major general, paying million for ex retired generals and president, converting all the securities force to guide the politician and here we are the country is left empty
Posted: at 6-01-2015 07:00 PM (10 years ago) | Upcoming
What a shame so Obasanjo can still open his mouth condem Oga Jo , after all na this same Obasanjo impose Oga JO on Nigerians because of his selfish intrest , Boy don become oga now you dey shout. Obasanjo need to be jail for life make my word if Obasanjo and Tony Anneih nor die Nigeria nor go fit better or move forward. bad leaders evil men 16years PDP nor fit give Nigeria Light, the first day God said let there be light and there was light, without light nothing will work in Nigeria ..we need change Obasanjo and Anneih leave Nigerias alone evil men
Posted: at 6-01-2015 09:31 PM (10 years ago) | Upcoming
You this wicked and demonic looking man called obasanjo, as selfish as the devil. You mean you still cannot fear God after he saved you from Sani Abacha ? Perhaps Nigeria would have been a better place if Abacha had his way on you. You are not a true citizen of this country, a profound enemy of the state. You drove the Nigerian economy into its volatile state, you encouraged corruption when you had the chance to kill it. You the founder of Nigeria's Inflation Syndrome and your Stupid minister of FCT (El Rufai) with others crashed this country and then retired 50,000 staffs in the F.C.T alone. You betrayed this country with your 3rd term plan and above all, you still remain a liar. Your punishment is far much bigger than the sun.
Posted: at 7-01-2015 02:08 AM (10 years ago) | Newbie
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