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$55 Billion Reserve: ‘Jonathan Did Not Squander Nigeria’s Reserves As Claimed’ – Okonjo-Iweala (DETAILS)

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The Minister of Finance, Ngozi Okonjo-Iweala on Wednesday, January 7, 2015 rebuffed claims by former President Olusegun Obasanjo that President Goodluck Jonathan has squandered about $55 billion of Nigeria’s foreign reserves and Excess Crude Account (ECA), describing it as baseless.

Okonjo-Iweala said the figures were gotten wrong by Obasnajo and could be verified independently from thr Central Bank of Nigeria (CBN) records.

Speaking via a press statement, Okonjo-Iweala also stated that contrary to Obasanjo’s claims that President Jonathan squandered the money, it was put into good use in the course of transactions that have benefited Nigeria’s economy.

Parts of the statement read: “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 Federal Government’s savings. These figures can be independently verified from the CBN’s records. The figure of $67 billion cited in some recent commentary is therefore factually incorrect.

“This statement is issued to, once again, clarify the facts of the recent history and status of Nigeria’s Excess Crude Account and foreign reserves, an issue that is, in this election season, gaining more headline attention. Because of the importance of this key economic indicator, we believe it is important to restate the true position in the interest of the Nigerian public as well as local and international investors.

“It is a misconception to think that reserves are immutable or cast in stone. The reality is that since May 2007, the reserves have fluctuated in line with developments in the international oil market, rising from $43.13 billion at that time, peaking at $62 billion in September 2008 during the Yar’Adua/Jonathan Administration when oil prices reached a peak of $147 per barrel, and falling subsequently to a low of $31.7 billion in September 2011.”

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