Admin I November 9, 2016
Abuja – The Nigeria Extractive Industries Transparency Initiative, (NEITI) has said that former president of Nigeria, beginning with Chief Olusegun Obasanjo, Umuru Yar’ Adua and Dr. Goodluck Ebele Jonathan squandered N70 trillion in a period of 15 years.
Executive Secretary, NEITI, Mr. Waziri Adio who was addressing the Senate Committee on Federal Character in his office noted that the over N70 trillion represented earnings from sale of crude oil and gas between 1999 and 2014.
According to him, unless Nigeria develops a prudent way of spending, the country may be in for very rough times in the coming years.
Adio said it was unfortunate and unthinkable that despite the huge earnings recorded from crude oil sales over the years, Nigeria was unable to account for at least $100 billion in the excess crude account.
He called o President Muhammadu Buhari-led Federal Government to develop a saving mechanism that would accommodate a drastic slash on government spending to the barest minimum, if his administration must succeed.
“Let me inform the committee that we discovered that between 1999 and 2014, the country spent over N70 trillion it received from oil and gas alone. That is a whole lot of money. And what is sad is that it was spent without the country being able to show for it. I think it is quite unfortunate.
“For the sake of emphasis, however, I think if previous administrations had developed a culture for prudent management of resources, Nigeria ought to have over $100 billion saved in the excess crude account. So, going forward, it is necessary for government to think about saving a lot more, and do all it can as well to cut down on wasteful spending if the nation must make progress.” The NEITI boss said.
He told the committee that Nigeria risks suspension from the global Extractive Industries Transparency Initiative (EITI), if the agency fails to complete its audit report by a given deadline which times out in December this year.
“The agency has been battling with the issue of funding, and this is due to late releases. As a result of this challenge which we face, we have been unable to conclude work on the 2014 audit report. The deadline which we have been given is December, and this is due to the 2 years interval required to come up with one as stipulated by the world body.
Failure to meet it may result in Nigeria’s suspension. That, will be very embarrassing for us as a nation.”
While responding, Vice Chairman of the Senate committee, Senator Suleiman Hunkuyi (APC, Kaduna North), said that the committee would require the effort of NEITI to close the communication gap between the agency and the upper chamber with a view to ensuring effective collaboration.
