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Osinbajo: How vice president attacked Obasanjo, Jonathan for allegedly wasting $982.8bn

Vice President Yemi Osinbajo lays into past presidents Jonathan, Obasanjo and IBB for squandering $982.8bn in oil revenues. Nigeria’s Vice President, Yemi Osinbajo, tore into past presidents, Ibrahim Babangida, Olusegun Obasanjo and Goodluck Jonathan for allegedly squandering $982.8bn in oil revenues. On Sunday, August 26 2018, Osinbajo held a town hall meeting with US based Nigerians in Minnesota, Minneapolis.At this townhall, he took questions and interacted with the audience on various subjects of national interest and concern. One of the talking points during the dialogue was how much has accrued to Nigeria in oil revenues in decades, and how much of that oil wealth has been squandered by the ruling elite. A short story of wastageThe president Buhari administration never misses the opportunity to dwell on how much past administrations wasted the nation’s oil riches and Osinbajo grasped at the opportunity when it presented itself at this town hall. Relying on data presented by the Organisation of Petroleum Exporting Countries’ (OPEC) between 1990 and 2014, the vice president said not much was funneled into improving the nation’s infrastructure even though Nigeria amassed so much in oil revenue since the ‘90s.According to Osinbajo, “under the IBB/Abacha administrations (1990 – 1998), Nigeria realised $199.8bn.“Under the Obasanjo/Yar’Adua governments (1999-2009), the country got $401.1bn.“During the Jonathan administration (2010-2014), Nigeria got $381.9bn from oil revenues. “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?“When added together, the oil revenues that accrued to the country under IBB, Obasanjo, Yar’Adua and Jonathan amounted to $982.8bn.”Osinbajo told his audience that the Buhari administration is channeling unprecedented capital outlay toward improving the nation’s crumbling and inadequate infrastructure. “One of the critical things that we must bear in mind and see is that this government, despite earning $94bn, up until 2017, we are spending more on infrastructure and capital than any previous government. So, we are spending N1.5trn on capital. That is the highest we have spent since 1990.”Moving billions before electionsIn March of 2018, Osinbajo accused the Jonathan administration of moving the sums of N100billion and $295million out of the national treasury in one day; only hours before the country’s 2015 general elections. “Nobody should talk about the economy when you have this kind of huge leakages and huge corruption. Corruption that completely makes nonsense of even what you are allocating to capital projects”, Osinbajo had said at the time. Jonathan and his aides have repeatedly denied the allegations of corruption. “Nigerians may recall that lying is the most consistent achievement of Prof Osinbajo’s almost three years as vice president”, Jonathan’s media aide, Reno Omokri, had responded. “On this most recent allegation, let me state categorically that Jonathan did not share N150billion two weeks to the 2015 election. If Osinbajo has proof that Jonathan did so, then we challenge him to publish his proof”, Omokri had added.

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