Ezekwesili said that the two administrations squandered $45 billion (N7.065 trillion) left in the Foreign Reserve and another $22 billion (about N3.454 trillion) left in the Excess Crude Account, bringing the total amount of money squandered to about $67 billion or N10.619 trillion.
Ezekwesili spoke while delivering the Convocation Lecture of the University of Nigeria, Nsukka, UNN. She noted that Nigerians had lost dignity because of ravaging poverty arising from poor choices of the elite, corruption and lack of investment in education.
Recalling that Nigeria had enjoyed five cycles of oil boom since independence, Ezekwesili decried the failure by the leadership to convert oil income to renewable assets through the development of human capital and other sectors through investment in foreign assets as other resource-rich countries did with their oil income.
Her words: “The present cycle of boom of the 2010s is, however, much more vexing than the other four that happened in the 70s, 80s, 90s and 2000s. This is because we are still caught up in it and it is more egregious than the other periods in revealing that we learned absolutely nothing from the previous massive failures.
Nigeria learnt nothing from past failures
“This is because we are still caught up in it and it is more egregious than the other periods in revealing that we learned absolutely nothing from the previous massive failures.”
The former minister lamented “the squandering of the significant sum of $45billion in foreign reserve account and another $22billion in Excess Crude Account being direct savings from increased earnings from oil that the Obasanjo administration handed over to the successor government in 2007.
“Six years after the administration I served handed over such humongous national wealth to another one most Nigerians but especially the poor continue to suffer the effects of failing public health and education systems as well as decrepit infrastructure and battered institutions.
“One cannot but ask what exactly does this level of brazen misappropriation of public resources symbolize? Where did all that money go? Where is the accountability for the use of these resources and the additional several hundred dollars realized from oil sale by the two administrations that have governed our nation in the last five years? How were these resources applied or more appropriately misapplied? Tragic choices.”
Ezekwesili, who was a founding director of Transparency International and also, former Minister of Solid Minerals and later Education however, asked graduating students of UNN and other educated young people to become the Turning Point generation of young and educated Nigerians willing to make the right choices by serving or having a say in political affairs of the country.
She stressed that sorting out the “Nigerian political mess” is critical as there is a strong correlation between politics and economic development.
According to her, university graduates accounted for 4.3% of Nigeria’s youthful population in 2013, a slight increase from the 3% when she graduated in 1985. She pointed out that this figure compared unfavourably with opportunity for university education in other countries put at 37.5% in Chile, 33.7% for Singapore, 28.2% for Malaysia and 16.5% in Brazil. Click to signup for FREE news updates, latest information and hottest gists everyday
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Madam Oby, you have not told us how much OBJ squandered.
ReplyDeleteAbi he is a saint now bcos u worked under his administration.
If u want to be honest, spill the beans on everybody or keep quiet.
We are tired of hearing dis nonsense rubbish everyday yet nothing done about it.
Haaaaaaaaaaaaaaaaaaaaaaa. $67 billion .
ReplyDeleteO my head !
These people have killed Nigeria .
Corruption is rampant amongst our leaders thank GOD when masses are corrupt they will jailed them but if our leaders corrupt they will honoured them with national honour GCON.OON.CON.MON.MFR also called them HONOURABLE and JP (Judas People) for advanced in corruption because they are above the rules of law.kudos to Soyinka and Achebe. For rejecting national honour.
ReplyDeletethis is just ONE!!!
ReplyDeletebase on the chanting of some qtrs that obj is corrupt l dont expect chipan in account at all,how can sure a leader kept such a substential amount in national acc, incredible.then he deserve honour,few leader will do that in nigeria,lord deliver us from evil rulers amen.my fellow nigerian but ur sediment aside and stand for this nation, i sincerely recommend the following leaders if we really want chg, okorocha,buhari,mimiko,and adama oshimole.they arent thieves ,check their profile,lord help nigeria amen.
ReplyDeleteI just learnt that seven guys that were caught with oil pipe vandalisms in portharcourt were given 4years imprisonment by one useless and justice voids Judge while Ribadu obviously discovered with a clear evidence that is a thief still moving freely in the street of Abuja, from every indications it is clearly seen that our president is not an innocent in this, you can see the reason while he could not declear his asset. Na who no no person, hungry ones that steal peanut for their survival, are nigeria Judge they give life sentence. The Judge of Judges will vindicate you all
ReplyDeletethis generation and the unborn that will suffer will never forgive obasanjo. twice he was placed in authority by God and twice he messed up not only with bad governance and corruption but also imposing on us leaders that he only uses to cover up his mess. Oby should tell us how much OBJ squandered. in the case of GEJ, he will still never understand what being a president is untill they tell him time up and then he will want to bribe law makers for a single term of five yrs and thus our misery continues. SORRY NIGERIA
ReplyDelete