Nigerian vice president, Prof. Yemi Osinbajo has queried how money accrued from Nigerian oil was spent by previous successive administrations.
Osinbajo mentioned former presidents like Ibrahim Babangida, Sani Abacha, Olusegun Obasanjo and up to Goodluck Jonathan, while answering questions from Nigerians at a town hall meeting in Minnesota, United States on Sunday, according to a statement released yesterday by his media aide, Mr. Laolu Akande.
On OPEC statistics concerning oil revenues accruable to Nigeria under successive administrations between 1990 and 2014, the Vice President said not much had been done in terms of infrastructure despite the huge oil revenues.
“Under the Babangida/Abacha administrations (1990 – 1998) Nigeria realised $199.8 billion; under the Obasanjo/Yar’Adua governments (1999 – 2009), the country got $401.1 billion; and during the Jonathan administration (2010 – 2014), Nigeria got $381.9 billion from oil revenues.
“The question that we must all ask is, 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 governments; so we are spending N1.5 trillion on capital; that is the highest we have spent since 1990,” he said.