FORMER Vice
President (Africa) at the World Bank and Minister under former President
Olusegun Obasanjo’s administration, Dr. Oby Ezekwesili, yesterday said that
both the late President Umaru Yar’Adua and his successor, Goodluck Jonathan’s
regimes ‘’squandered’’ $67 billion (about N11 trillion) oil money left in two
separate accounts by Obasanjo.
President (Africa) at the World Bank and Minister under former President
Olusegun Obasanjo’s administration, Dr. Oby Ezekwesili, yesterday said that
both the late President Umaru Yar’Adua and his successor, Goodluck Jonathan’s
regimes ‘’squandered’’ $67 billion (about N11 trillion) oil money left in two
separate accounts by Obasanjo.
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.
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.
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.
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.
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.”
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.
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.
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.”
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.
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.
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.
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.
Education and development
Ezekwesili linked Nigeria’s poor capital formation to the low
development of its people through education. “Our lag in tertiary education
enrolment is quite revealing and could be interpreted as the basis of the
competitiveness gap between the same set of countries and Nigeria. The
countries with the most highly educated citizens are also some of the
wealthiest in the world in a study by the OECD published by the Wall Street
Journal last year.”
development of its people through education. “Our lag in tertiary education
enrolment is quite revealing and could be interpreted as the basis of the
competitiveness gap between the same set of countries and Nigeria. The
countries with the most highly educated citizens are also some of the
wealthiest in the world in a study by the OECD published by the Wall Street
Journal last year.”
The former Minister added: “The appropriate response to the
revenue extracted from our oil over the period 1959 to date would have been to
use it in accumulating productive investment in the form of globally
competitive human capital and physical asset of all types of infrastructure and
institutions. Such translation from one form of non-renewable asset to
renewable capital would have been the right replacement strategy for a wasting
asset like oil. Unfortunately, unbridled profligacy has made us spend and
continue to spend the free money from oil like a tragic Rentier state that we
are called in development circles.
revenue extracted from our oil over the period 1959 to date would have been to
use it in accumulating productive investment in the form of globally
competitive human capital and physical asset of all types of infrastructure and
institutions. Such translation from one form of non-renewable asset to
renewable capital would have been the right replacement strategy for a wasting
asset like oil. Unfortunately, unbridled profligacy has made us spend and
continue to spend the free money from oil like a tragic Rentier state that we
are called in development circles.
“Resource wealth has tragically reduced your nation –my nation –
to a mere parable of prodigality,” stressing that “Nothing undignifies nations
and their citizens like self-inflicted failure. Our abundance of oil, people
and geography should have worked favourably and placed us on the top echelons
of the global economic ladder by now.”
to a mere parable of prodigality,” stressing that “Nothing undignifies nations
and their citizens like self-inflicted failure. Our abundance of oil, people
and geography should have worked favourably and placed us on the top echelons
of the global economic ladder by now.”
She said that it was up to the younger generation to restore the
dignity of Nigeria by making the right choices to lift the nation out of
poverty.
dignity of Nigeria by making the right choices to lift the nation out of
poverty.
Furthermore, describing Nigeria as “a paradox of the kind of
wealth that breeds penury,” the former World Bank Executive said “the trend of
Nigeria’s population in poverty since 1980 to 2010 suggests that the more we
earned from oil the larger the population of poor citizens.”
wealth that breeds penury,” the former World Bank Executive said “the trend of
Nigeria’s population in poverty since 1980 to 2010 suggests that the more we
earned from oil the larger the population of poor citizens.”
How poverty rages higher
According to her, the figures of the poor in Nigeria grew from
17.1million in 1980, 34.5million in 1985, 39.2million in 1992, 67.1million in
1996, to 68.7million in 2004 and 112.47million in 2010.
17.1million in 1980, 34.5million in 1985, 39.2million in 1992, 67.1million in
1996, to 68.7million in 2004 and 112.47million in 2010.
Ezekwesili advocated a new vision for Nigeria, expressed
simply as “we believe in dignity,” pointing out that the resurgence of
entrepreneurial spirit based on hard work and sound education were critical
factors to changing Nigeria.
simply as “we believe in dignity,” pointing out that the resurgence of
entrepreneurial spirit based on hard work and sound education were critical
factors to changing Nigeria.
“For Nigeria’s dignity to be restored your generation must build a
coalition of young entrepreneurial minds that are ready to ask and respond to
the question. What does it take for nations to become rich? Throughout economic
history, the factors that determine which nations became rich and improved the
standard of living of their citizens read like a Dignity Treatise in that they
all revolve around the choices that ordinary citizens made in defining the
value constructs of their nation”.
coalition of young entrepreneurial minds that are ready to ask and respond to
the question. What does it take for nations to become rich? Throughout economic
history, the factors that determine which nations became rich and improved the
standard of living of their citizens read like a Dignity Treatise in that they
all revolve around the choices that ordinary citizens made in defining the
value constructs of their nation”.
Source:
Vanguard
Vanguard
