The federal government
yesterday accused former minister of education and former World Bank group for
Africa vice president, Mrs. Obiageli Ezekwesili, of misappropriating a total of
N458billion allocated to the country’s educational sector when she served as
minister between 2006 and 2007.
yesterday accused former minister of education and former World Bank group for
Africa vice president, Mrs. Obiageli Ezekwesili, of misappropriating a total of
N458billion allocated to the country’s educational sector when she served as
minister between 2006 and 2007.
It also described as factually incorrect Ezekwesili’s
claim that late President Umar Musa Yar’adua and President Goodluck
Jonathan squandered $67 billion in reserves, comprising $45 billion in the
external reserves and $22 billion in the Excess Crude Account left by former
President Olusegun Obasanjo at the end of May 2007.
claim that late President Umar Musa Yar’adua and President Goodluck
Jonathan squandered $67 billion in reserves, comprising $45 billion in the
external reserves and $22 billion in the Excess Crude Account left by former
President Olusegun Obasanjo at the end of May 2007.
But speaking through minister of information, Mr. Labaran Maku,
government argued that Ezekwesili’s made no single reference of what she did
during her stay in office in such sectors.
government argued that Ezekwesili’s made no single reference of what she did
during her stay in office in such sectors.
Noting that her statements were rather self indicting, Maku
said, “We also found Mrs. Ezekwesili’s interrogation of the educational system
somewhat disingenuous and borderline hypocritical. During her tenure as
minister of education between 2006 and 2007, she collected a total of N352.3
billion from direct budgetary releases.
said, “We also found Mrs. Ezekwesili’s interrogation of the educational system
somewhat disingenuous and borderline hypocritical. During her tenure as
minister of education between 2006 and 2007, she collected a total of N352.3
billion from direct budgetary releases.
“In addition, she received about N65.8 billion under the
Universal Basic Education Commission (UBEC) fund, and over N40 billion from the
Education Trust Fund (ETF). In view of these humongous allocations, a few
legitimate questions arise: what did she do with all these allocations? What
impact did it have on the education sector? One wonders if our educational
system would have been better today if these allocations were properly
applied.”
Universal Basic Education Commission (UBEC) fund, and over N40 billion from the
Education Trust Fund (ETF). In view of these humongous allocations, a few
legitimate questions arise: what did she do with all these allocations? What
impact did it have on the education sector? One wonders if our educational
system would have been better today if these allocations were properly
applied.”
According to Maku, Ezekwesili’s alleged claims during UNN’s
convocation ceremony on January 24, 2013 “betray a surprisingly limited
understanding of government finances.”
convocation ceremony on January 24, 2013 “betray a surprisingly limited
understanding of government finances.”
He said, “These statements are even more curious in the light of
the fact that she has held senior positions in government, and, more recently,
a position as a vice president of the World Bank. However, rather than
speculate about her motives, we would focus on the facts.”
the fact that she has held senior positions in government, and, more recently,
a position as a vice president of the World Bank. However, rather than
speculate about her motives, we would focus on the facts.”
Maku further stated that the government did not intend to take
her to court “but we will only explain and leave her in the court of public
judgement.”
her to court “but we will only explain and leave her in the court of public
judgement.”
Clarifying the allegation of Ezekwesili while speaking to State
House Correspondents, the minister said, “At the end of May 2007, Nigeria’s
gross reserves stood at $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 the federal government’s savings. These figures can be independently
verified from the CBN’s records. The figure of $67 billion alleged in her
statement is therefore clearly fictitious.
House Correspondents, the minister said, “At the end of May 2007, Nigeria’s
gross reserves stood at $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 the federal government’s savings. These figures can be independently
verified from the CBN’s records. The figure of $67 billion alleged in her
statement is therefore clearly fictitious.
“However, since President Obasanjo left office, the reserves
have experienced fluctuations, rising from $43.13 billion in May 2007, peaking
at $62 billion in September 2008 during the Yar’Adua/Jonathan administration
when oil prices peaked at $147 per barrel, and falling subsequently to a low of
$31.7 in September 2011.
have experienced fluctuations, rising from $43.13 billion in May 2007, peaking
at $62 billion in September 2008 during the Yar’Adua/Jonathan administration
when oil prices peaked at $147 per barrel, and falling subsequently to a low of
$31.7 in September 2011.
“This fall in reserves was a result of the vicissitudes of the
global financial crisis which caused CBN interventions in the currency market
to defend the value of the naira. The Excess Crude savings, a component of the
reserves, was also used to stimulate the economy at the height of the global
financial crisis to the tune of about $1 billion (or 0.5 percent of our 2009
GDP).”
global financial crisis which caused CBN interventions in the currency market
to defend the value of the naira. The Excess Crude savings, a component of the
reserves, was also used to stimulate the economy at the height of the global
financial crisis to the tune of about $1 billion (or 0.5 percent of our 2009
GDP).”
This move, he said, ensured that Nigeria was one of the few
countries in the world that did not seek assistance from international
financial institutions. He also remarked that the fiscal stimulus used to shore
up the economy during that period was shared by all three tiers of government,
including commitments of about $5.5 billion made under the Obasanjo administration
for power projects.
countries in the world that did not seek assistance from international
financial institutions. He also remarked that the fiscal stimulus used to shore
up the economy during that period was shared by all three tiers of government,
including commitments of about $5.5 billion made under the Obasanjo administration
for power projects.
“No one disputes that Nigeria still faces challenges, most of
which were built up over a long time,” the minister further stated, “but
we need to acknowledge the significant achievements of this administration in
the aftermath of difficult but necessary macroeconomic and structural reforms
being implemented in the country.
which were built up over a long time,” the minister further stated, “but
we need to acknowledge the significant achievements of this administration in
the aftermath of difficult but necessary macroeconomic and structural reforms
being implemented in the country.
The minister went on to name some the achievements of the
Jonathan government on the economic front, some of which have attracted
international recognition.
Jonathan government on the economic front, some of which have attracted
international recognition.
“This administration,” he said, “has restored
macroeconomic stability against the backdrop of global economic uncertainty,
slow growth in the United States and high unemployment and unsustainable debt
in Europe. In the first three quarters of 2012, Nigeria’s economy grew by about
6.4 percent and is set to continue at a similar pace in 2013 according to
independent forecasts. We have reduced our fiscal deficit to only 2.17 percent
of GDP in the 2013 budget, while rebalancing our spending in favour of capital
expenditure.
macroeconomic stability against the backdrop of global economic uncertainty,
slow growth in the United States and high unemployment and unsustainable debt
in Europe. In the first three quarters of 2012, Nigeria’s economy grew by about
6.4 percent and is set to continue at a similar pace in 2013 according to
independent forecasts. We have reduced our fiscal deficit to only 2.17 percent
of GDP in the 2013 budget, while rebalancing our spending in favour of capital
expenditure.
“These achievements have already received strong endorsement
from international ratings agencies. At a time when many advanced and emerging
markets are being downgraded, Fitch and S&P have upgraded our sovereign
credit ratings. The inclusion of Nigeria’s sovereign bonds in the emerging
market bond indices of JP Morgan and Barclays also testifies to the growing
confidence of the international investment community in our economy.”
from international ratings agencies. At a time when many advanced and emerging
markets are being downgraded, Fitch and S&P have upgraded our sovereign
credit ratings. The inclusion of Nigeria’s sovereign bonds in the emerging
market bond indices of JP Morgan and Barclays also testifies to the growing
confidence of the international investment community in our economy.”
Maku also listed commencement of rail transport from Lagos to
Kano, improved electricity supply, rehabilitation of road and aviation
infrastructure and improvement in agriculture value-chain, where new jobs are
being created every day, in addition to providing enabling environment for the
private sector to create jobs for the youth as some of the good work done by
the Jonathan.
Kano, improved electricity supply, rehabilitation of road and aviation
infrastructure and improvement in agriculture value-chain, where new jobs are
being created every day, in addition to providing enabling environment for the
private sector to create jobs for the youth as some of the good work done by
the Jonathan.
Govt Should Respond To Demand For Accountability– Ezekwesili
But Ezekwesili has faulted the allegation of the federal
government in response to her speech at the UNN convocation ceremony, saying
that what she was advocating was the need for the government at the centre to
give accountability over its spending from the foreign reserve and excess crude
account.
government in response to her speech at the UNN convocation ceremony, saying
that what she was advocating was the need for the government at the centre to
give accountability over its spending from the foreign reserve and excess crude
account.
The ex-minister stated this during a telephone interview with
one of our correspondents while responding to Maku’s claim.
one of our correspondents while responding to Maku’s claim.
She stated that she would not be deterred from calling for
accountability as it was her inalienable right to demand good governance.
accountability as it was her inalienable right to demand good governance.
She said, “I refuse to be distracted; because what I am saying
in my speech is that the federal government should respond to my demand for
accountability over its spending from the Excess Crude Account and foreign
reserve.
in my speech is that the federal government should respond to my demand for
accountability over its spending from the Excess Crude Account and foreign
reserve.
“I am not in government and I have the inalienable right to
demand accountability. People should read my speech and see the larger message
in it.”
demand accountability. People should read my speech and see the larger message
in it.”
Source: Leadership
