President Jonathan Did Not Squander Nigeria’s Reserves – Finance Ministry


The Federal Ministry of Finance has debunked claims that President Goodluck Jonathan has squandered the Nigeria’s reserves, insisting that it was used appropriately in the course of normal transactions required for the development of the Nigerian economy.

In a statement released to clarify the facts of the recent history and status of Nigeria’s Excess Crude Account and foreign reserves, the Ministry said “it is important to restate the true position in the interest of the Nigerian public as well as local and international investors.
“It is absolutely not true that the Administration of President Goodluck Jonathan has squandered the nation’s reserves”, it said, maintaining that “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”, insisting that “the figure of $67 billion cited in some recent commentary is therefore factually incorrect”. CLICK HERE TO READ MORE

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