Vanguard (Lagos)

Nigeria: U.S.$67 Billion Dollars Squandered in Five Years

24 January 2013
Photo: Vanguard
President Goodluck Jonathan and late president, Alhaji Umaru Musa Yar’Adua

The Former Minister for Education and ex-vice president of the world bank, Dr. Mrs Oby Ezekwesili has disclosed that a total sum of 67 billion dollars in foreign reserve and excess crude accounts were squandered in five years.

Ezekwesili made the disclosure at the 42nd convocation lecture she delivered Thursday at the University of Nigeria, Nsukka, explaining that out of the said amount 45 billion dollars was from foreign reserve account while 22 billion dollars was from excess crude account which was handed over by Obasanjo administration in 2007.

The former education minister who resigned her appointment under Obasanjo's administration expressed surprise at the level of brazen misappropriation of public resources without accountability for the use of both resources plus additional several hundreds of dollars realized from oil sales by the two administrations in the country in the past five years.

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What Happened to Nigeria's Reserves?

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Former vice president of the World Bank, Oby Ezekwesili, says that U.S.$67 billion in foreign reserve and excess crude accounts were squandered by the governments of President ... Read more »