A former Minister of Aviation, Osita Chidoka, has faulted
the claim made by the Minister of Transportation, Rotimi Amaechi, that the
money left behind by the administration of ex-president Goodluck Jonathan could
not last for three weeks.
Amaechi had made the statement when he appeared on Channels
Television’s programme titled, ‘Hard Copy’.
He said, “As former chairman of the governors’ forum, I was
told by the security in a meeting chaired by the former President, including
the former minister of finance, that at every point in time, the government
must leave money behind in case Nigeria goes to war that would last for six
months. By the time we came, they didn’t leave money behind that could last us
for three weeks. And I was speaking at that time as the chairman of the
governors’ forum.”
Reacting, Chidoka who served as a minister under Jonathan
said Amaechi’s comment is rather unfortunate and not supported by facts readily
available in the public domain.”
He said this in a statement titled ‘Gov. Amaechi’s Statement
on 2015 Foreign Reserve: Setting the Records Straight.’
Chidoka said, “As a member of the Federal Executive Council
that handed over to the current administration, I am disturbed that this urban
myth of “empty treasury” is still the subject of conversation by a senior
government member.
“Also, I am confused about what the Honourable Minister
means when he says, “By the time we came in,” as he was not appointed minister
until six months after the May 29 Handover. Since he was not a minister on the
handover date, it may be pertinent to present him with the facts again.
“On May 29, 2015, President Buhari inherited a foreign
reserve of $28.6 billion, according to official data still present on the
website of the Central Bank of Nigeria, as well as $5.6 billion Nigeria
Liquified Natural Gas Limited dividends. Also, a 2015 budget of over 4 trillion
Naira was handed over to the incoming administration by the outgoing Jonathan
government.
“Furthermore, the Jonathan administration left a total of
$2.2 billion in the Excess Crude Account on May 29, 2015. (As verified by the
Ministry of Finance both by the immediate past minister and the incumbent).
“To further create context, I would like the Minister of
Transport to note the country’s economic indices after 1849 days of President
Jonathan’s Presidency from May 06 2010, the date he took over from President
Umaru Yar’Adua to the Handover date of May 29, 2015.
“On May 29, 2015, President Muhammadu Buhari inherited an
economy that, by the testimony of the World Investment Report, prepared by the
Geneva-based United Nations Conference on Trade and Development (UNCTAD), was
the number one destination for foreign direct investment in Africa. In the five
years of President Jonathan, Direct Foreign Investment stood at about 35.25
Billion Dollars. You can compare this to the 11.55 Billion Dollars Direct
Foreign Investment received from 2016 to 2020.
“The Jonathan administration handed over a $550 billion
economy (largest in Africa and 26th globally) and a diversified economy. On May
29, 2015, President Jonathan left behind an economy with a stable currency,
where the Naira exchanged for N199 to $1, and Nigeria had a single-digit
inflation rate. Today, after 2,406 days of the current administration, headline
inflation rate hovers above 15 per cent.
“Under President
Jonathan, the unemployment rate stood at 7.5 per cent (better than European
Union) today. According to the National Bureau of Statistics, six and half
years after Governor Amaechi’s government came in, unemployment is 33 per cent.
“Before the government came in, Nigeria’s poverty rate was
32 per cent as of May 2015. We need not compare it against 71 per cent today
after 78 months of President Buhari’s administration.
“Our External debt as of May 2015 stood at $7.3 billion, the
Gini coefficient (degree of inequality) was not different from China’s as of
2015. In 343 weeks and four days of the current administration, our external
debt has ballooned to $37.9 billion as of September 2021. It is important to
point out that over 48 per cent are bilateral and commercial loans.
With the facts above, I am sure that the Minister of
Transport will rethink his fixation on the past and focus on the clear and
present danger of an economy on the path to Argentina – sovereign debt default.
“In the face of declining revenues, available public data
revealed that external debt servicing gulped $1.82 billion between January and
September 2021; this is 43.9 per cent higher than the $1.27 billion spent in
the corresponding period of 2020.
“In the same period of January to September 2021, Domestic
debt servicing rose to N1.74 trillion from N1.53 trillion recorded in the same
period of 2020.
These issues should worry the Honourable Minister, coupled
with unlocking the asphyxiating gridlock that Apapa port has created in the
economy.
“2,406 days after, a clear 557 days (One year five months)
more than President Jonathan governed Nigeria; this administration’s economic
policies and heightened insecurity have left the country comatose.
“Minister Amaechi and the APC government should stop this
perennial blame game and focus on redeeming its tattered image by signing the
electoral bill passed by a legislature it controls.”
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