Osinbajo lists 5 ‘incredible things’ Goodluck Jonathan did in office | Nigeria News Today. Your online Nigerian Newspaper f

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Vice President, Yemi Osinbajo has uncovered what he described as “incredible things” former President Goodluck Jonathan did in office.

Osinbajo said this while speaking at the legislative economic summit themed “Legislative Framework for Economic Recovery and Sustainable Development” in Abuja on Monday.

Osinbajo uncovered things which he said happened in Nigeria a few weeks before the 2015 general elections.

He said under the administration of Jonathan, Nigeria witnessed barefaced stealing and waste of resources unprecedented anywhere in the world; the situation, he alleged, caused the recent economic recession.

He said between 2013 and 2015 with oil prices averaging up to $110 per barrel, “sometimes going to as high as $150, the government of the day somehow contrived to increase national debt from N7.9 trillion to N12.1 trillion; while reducing external reserves from $45 billion to $28 billion as of May 2015.”

According to Osinbajo, under Jonathan’s watch, there was also inflation of contracts and other procurements which, he noted, always made the cost of infrastructure necessary for development unaffordable.

He added, “Of course, we all know that there was very little by the way of investment in infrastructure and capital projects. In fact in 2015, capital spend was less than 11%. So there was very little to show for where this money went.

“I don’t want to keep repeating some of the incredible things that happened, a few weeks before the last elections; how large sums of money, a 100billion in cash ostensibly for security. Another $289million in cash was paid out in the same period.

“No country can survive that kind of unbridled waste and corruption. We must never forget, that corruption is perhaps, the most outrageous cause of our economic decline.

“Aside from barefaced stealing or waste of resources, the inflation of contracts and other procurements ensures that the cost of infrastructure necessary for development will always be unaffordable.

“So if what we should spend on building a 200km road ends up being spent on a 20 km road, there is no way we are going to make any progress and there is no way we won’t end up in some kind of economic decline or the other,” Osinbajo stated.

“In 2015, oil prices fell to as low as $28 at some point. But worse still, throughout 2016 we lost almost a million barrels a day in oil production due to vandalization and sabotage of oil facilities and pipelines. We lost something in the order of about 60% of our revenues. Yet we could have survived without going into a recession, I think Dr. Teriba so ably stated that, we could have survived if we had savings. But we had no savings only debt.

“As economists would say, and as Dr. Teriba had said, we did not have the fiscal buffers to enable a counter-cyclical approach. In other words, we lacked the savings to see us through the lean times. Why? Why did we lack savings, when so much money was being made? This is the elephant in the room.


“Today, we can say that despite the 60% or even more reduction in revenues from oil, we are bailing out the States and our capital spend in 2016 was close to N1.3trillion, the highest yet in the country’s history. So with more prudent management, it is possible to do more with far less money.”

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  1. Abba Kyari Collected USD500Million bribe from MTN
    2. SGF Create grasses in the dersert for 300Million
    3. PMB while on medicat vacation i n London awarded a contract of $@%Billion (@ NGN369=USD1) NGN9,000,000,000,000.00 to a single company
    4. So many moneis discovered by EFCC without owner
    6. Ayo Oke (NIA Boss) was caught with Billions

    THIS IS WHY NIGERIA ECONOMY WENT ON RECESSION. PASTOR TELLING LIES

    ReplyDelete
  2. Mr VP,you are talking trash.... Our party has failed woefully.... I expected you are a man of Dignity to talk less,because those who stays in glass house don't throw stones.... In your very eyes our party collapse every aspect of the economy,now you have started talking about the past administration again,instead of working as a team to see how you can get us out of the mess our party caused...This is hate speech.... Nigerians are getting wiser by the day. Its all about fake stories,lies and propaganda. Pastor,please take a bold step and resign.Instead of been part of this failures. Is the past administration that increased the price of Fuel,Tax,Clearing of cars and goods not made in Nigeria,changed the policies that affected visually every local commodities.EG,garri,rice salt,sugar,beans,groundnut,building materials...etc. No excuse for failure.... This team has guffed no excuse. We freely gave you our mandate but the people are you are unable to let you manage the mandate because they are more corrupt. Now corruption in the APC lead administration has gone a wire,which mean is spiritual. Personally am not voting for our party any more come 2019,no matter how you try to ease the situation. If a new party come in,you flops will also be oped to the owl world. You are now dining with corruption in high places if you are not take a bow and resign.

    ReplyDelete
    Replies
    1. Surely you don't belong to this party, you're only masquerading.

      Facts need to be told. We wouldn't have been in the economic mess we found ourselves in if the previous governments hadn't been looting recklessly and your brothers weren't blowing up our only means of income even at a time when prices of crudes were at the barest minimum in decades.

      We need to be objective and stop supporting all these thieves if we want a better tomorrow for this country.

      Let's stop being parochial and think of a good future for our yet unborn children and grandchildren.

      Delete
  3. You should be hiding yourself not contributing in the issues that has made Nigerians now been in abject hunger and poverty. People are killing them self everyday because they can no longer fed for them selves. APC has messed up in totality,Maina's case open una yanch. Osibanjo you are also a failure cos you are part of them.

    ReplyDelete
  4. Mr MUMU Osinbanjo! Local oil price was #87 to #145 from 2015 to 2017, yet nothing to show. U and Ur Most MUMU "Mujahedeen" Bihari are the worst set of leaders in the History of this Zoo - Zoogeria!

    ReplyDelete
  5. This government is shameless. After two years in government, they have refused to begin to take responsibility.

    ReplyDelete
  6. The hunger and suffering in the land is so much that one wonders what this government is doing to cushion the effect? Was it the last government that increased fuel price and the cost of garri and rice? VP Osinbajo pls accept that your government has failed Nigerians and begin to work than play the blaming game since you people came into power till now, it has been one blame game or the other nawa for una.

    ReplyDelete
  7. The hunger and suffering in the land is so much that one wonders what this government is doing to cushion the effect? Was it the last government that increased fuel price and the cost of garri and rice? VP Osinbajo pls accept that your government has failed Nigerians and begin to work than play the blaming game since you people came into power till now, it has been one blame game or the other nawa for una.

    ReplyDelete
    Replies
    1. Most biased Nigerian calling himself unbiased.

      Delete
  8. Enter your comment...I think Osinbanjo was talking to reasonable Nigerians, not simply people that sees everything as politics. Buhari might not have drove us to the 'promised land'....despite the bumbs and hills, distance are covered.

    ReplyDelete
    Replies
    1. God bless you for being objective and unbiased

      Delete
  9. At least Nigerians were happy. No depression occasioned by economic recession to have warranted suicides among Nigerians. The economy was on the right track because the economists had their roles played in government.

    ReplyDelete
  10. To be frank this administration should be hold responsible for some hardship in the country like all these Governors collecting bail out fund the Buhari administration should make sure the money is used for the purpose they are meant for and make sure the are after every State Governor nor PDP Governors alone nearly all APC States own workers salary pensioners are not also paid .

    ReplyDelete
  11. To me,our president has suorrounded himself with incapable hands as ministers.if he had sound technocrats as ministers,his shortcomings would have been covered and Nigerians won't feel the high impact of this impoverished life we are living.apc needs to up their game if they really want to remain in the corridors of power

    ReplyDelete

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