“What Happened To Resources?”- Osinbajo Tackles Obasanjo, Jonathan On Management Of Oil


Vice-President Yemi Osinbajo has questioned the management of Nigeria’s oil resources by previous administrations.

Relying on OPEC statistics on oil revenues accruable to Nigeria under successive administrations between 1990 and 2014, the vice-president said not much was done in infrastructure development in spite of the huge oil revenues earned.

Laolu Akande, Senior Special Assistant to the president on media and publicity, office of the vice-president, communicated Osinbanjo’s view in a statement in Abuja on Monday.

The vice-president was fielding questions from a cross-section of Nigerians at a town hall meeting in Minnesota, US, on Sunday.

Osinbajo spoke on a wide range of issues covering the economy, anti-corruption, health, agriculture among others.

He said under the Ibrahim Babangida and Sani Abacha administrations, Nigeria realised $199.8 billion.

Under the Olusegun Obasanjo and Umaru Yar’Adua governments, the country got $401.1 billion; and during the Goodluck Jonathan administration, Nigeria got $381.9 billion from oil.

He asked: “The question that we must all ask is that what exactly happened to resources? The question that I asked is that where is the infrastructure?

“One of the critical things that we must bear in mind and see is that this government despite earning $94 billion, up until 2017, we are spending more on infrastructure and capital than any previous government, so we are spending N1.5 trillion on capital, that is the highest we have spent since 1990.”

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