$55bn: ‘You got it wrong,’ FG replies Obasanjo
Latest Politics, Raw Politics Friday, January 9th, 2015
The Federal Government, yesterday, responded to the allegations made by former President Olusegun Obasanjo against the administration of President Goodluck Jonathan, including an alleged squandering of the nation’s $55 billion foreign reserve.
The Minister of Finance, Dr. Ngozi Okonjo-Iweala explained that the former President got it wrong, stating that former President Obasanjo left a gross reserve of $43.13 billion, comprising the CBN’s external reserves of $31.5 billion, $9.43 billion in the Excess Crude Account, and $2.18 billion in Federal Government’s savings in May 2007.
It stated that the reserve peaked at $62 billion in September 2008 under Yar’Adua when crude prices rose to $147 per barrel before falling to $31.7 billion in September 2011 as the Central Bank of Nigeria had to use much of it to defend the Naira, following the 2008-2009 global financial meltdown.
The ministry maintained that President Jonathan never in any way squandered the nation’s reserves, but appropriately utilised it in the course of normal transactions required for the development of the Nigerian economy.
-Vanguard
wp_posts
Related Posts
- ‘If I don’t give you electricity, don’t vote for me’ – VIDEO of Tinubu’s campaign promise resurfaces amid blackout
- Nine senators defect to ADC from different parties
- Protest in northern Nigeria over killing of Iran’s Ayatollah Ali Khamenei
- 2027: ‘I regret removing Jonathan’ — Atiku (No foresight, no vision – all regrets)
- Rev. Dachomo criticises deployment of US troops to other states
Short URL: https://newnigerianpolitics.com/?p=39974
Posted by admin
on Jan 9 2015. Filed under Latest Politics, Raw Politics.
You can follow any responses to this entry through the RSS 2.0.
You can leave a response or trackback to this entry
