Osinbajo Tackles Past Govts Over Spending Of $982.8bn Oil Revenue

Vice President Yemi Osinbajo has questioned the past administrations of Goodluck Jonathan, Ibrahim Babangida and others over the spending of $982.8 billion realised from oil revenues.

According to him, despite earning so much during their administrations between 1990 and 2014, the governments failed to invest in infrastructural developments in the country.

He stated that the current administration of President Muhammadu Buhari has spent more on infrastructure and capital than any previous government, despite earning $94 billion.


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“Under the IBB / Abacha administrations (1990 – 1998) Nigeria realized $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,” he said on Sunday, while some Nigerians at a town hall meeting in the US.

Furthermore, he said, “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”.

Osinbajo, therefore, stated that rather than calls for restructuring, the country can experience significant progress if resources are managed properly.

“In contrast to simple geographical restructuring of the country, prudent management of national resources and providing for the people properly, are better ideas for Nigeria’s development challenges.

“The problem with our country is not a matter of restructuring and we must not allow ourselves to be drawn into the argument that our problems stem from some geographical restructuring. It is about managing resources properly and providing for the people properly, that is what it is all about,” he said.

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