24 January 2013

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

Photo: Aly Ramji / Mediapix
Obiageli Katryn Ezekwesili

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.

Copyright © 2013 Vanguard. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.